Finland-based stainless steel producer Outokumpu has announced that it has completed the divestment of its Italian steel plant Acciai Speciali Terni and its high performance alloy unit VDM to German steelmaker ThyssenKrupp.
Outokumpu said that the transaction not only addresses the remedy requirements of the European Commission for Outokumpu's acquisition of Inoxum, ThyssenKrupp's stainless steel branch, but also significantly strengthens the company's balance sheet.
Additionally, Outokumpu has also completed extensive debt financing arrangements to strengthen its financial position. An agreement for a €900 million revolving credit facility has been signed and is effective as of February 28, 2014. The facility has its maturity in February 2017.