Outokumpu has signed an agreement to divest the majority of the Long Products business operations to Marcegaglia Steel Group, a leading industrial group worldwide in the steel processing sector. Around 650 employees in Sheffield, Richburg and Fagersta will transfer to Marcegaglia Steel.
Alun Davies, National Officer for the steelworkers’ union Community, says:
“This sale is great news for the Sheffield workforce, ensuring the business is on sound financial footing for the future. A strong and green steel industry is crucial to our economic security, and the Long Products business supports 380 jobs in Sheffield. It’s great to see this positive move, demonstrating the value of steel production in the U.K. This will be the first melting facility owned by Marcegaglia, who previously were Outokumpu’s main customers, bringing further stability to the UK sites and we look forward to forging a strong relationship with the new owners.”
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