Thyssenkrupp has completed the sale of its remaining shares in AST to the Arvedi Group

German steelmaker Thyssenkrupp has announced the completion of the sale of the remainder of its 15 per cent stake in Acciai Speciali Terni (AST) to the Arvedi Group. This is stated in a company press release.

As noted, this step finalises the agreement reached in 2021 to sell the stainless steel plant in Terni and its associated sales organisations in Germany, Italy and Turkey.

As a result, AST is now wholly owned by Arvedi. In 2021, Thyssenkrupp retained a minority stake in Acciai Speciali Terni following the sale of the company to support operational cooperation with the new owner during the transition period.

“The cash inflow from this transaction amounts to several tens of millions of euros and contributes to further strengthening Thyssenkrupp’s liquidity,” the German company said in a statement.

As Volkmar Dinstuhl, a member of the Executive Board of Thyssenkrupp AG, noted, with the completion of the sale of the shares, the company is, as planned, finalising the transaction and taking a step forward in the further streamlining and focusing of its portfolio. At the same time, strategic flexibility is being created for the further implementation of its strategic direction.

Acciai Speciali Terni (AST) is an Italian stainless steel producer and part of the Arvedi Group. The plant in Terni specialises in the integrated production of hot-rolled, cold-rolled and electrical steel.

It should be recalled that in June last year, the Italian government and Arvedi signed an agreement on the environmental modernisation of AST. The agreement provided for investments of over €1.1 billion, the decarbonisation of production and the preservation of jobs.