Austrian steelmaker Voestalpine AG has announced that it has concluded the negotiations regarding the sale of its high-performance metals subsidiary Buderus Edelstahl in Germany.
Accordingly, Buderus Edelstahl will be transferred to Germany-based investment company Mutares SE & Co. KGaA for an undisclosed amount, subject to the approval of the competition authorities. The transaction is expected to be completed by the end of the fourth quarter this year.
Voestalpine stated that it will reduce the production of tool steel and high-grade engineering steel, due to the higher competition from non-European countries, and will focus on high-tech steel grade production.