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Outokumpu Oyj Submits Binding Remedy Commitment Related to Inoxum Transaction Following European Commission's Demand


Tuesday, 9 Oct 2012 02:30am EDT 

Outokumpu Oyj (Outokumpu) announced that following the European Commission's demand for an industrial remedy related to the Inoxum transaction, Outokumpu submitted two alternative remedy proposals, announced on September 20, 2012 and October 1, 2012. After the rejection of the Swedish remedy by the European Commission, Outokumpu has now submitted a binding remedy commitment to ensure the approval of the Inoxum transaction. As a binding remedy Outokumpu commits to the divestiture of the Inoxum stainless steel mill in Terni, Italy, and select European service centers. The set of remedies excludes a bright annealing production line in Terni with an annual capacity of 130,000 tons, which is to be transferred to an Outokumpu production site prior to the divestment. In addition, the divestiture commitment does not include the tubular unit in Italy, Tubificio di Terni. This binding remedy commitment means that the Swedish stainless units in Avesta, Nyby and Kloster included in the original remedy proposal will not be divested as a remedy and will continue operations within Outokumpu. The European Commission is expected the make their decision regarding the Inoxum transaction by November 16, 2012. Outokumpu targets to finalize it by the end of 2012. 

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