Feralpi has integrated Italian wire-rod steelmaker Caleotto into its business after acquiring the balance 50pc stake in the company from Duferco, its joint venture partner.
The European steelmaker, which received approval from EU’s antitrust authority for the acquisition earlier this week, announced it would continue working with Duferco to ensure Caleotto’s strategic product line investments continue smoothly, even despite the stake sale.
The addition of Caleotto to its portfolio will increase Feralpi’s product range and has, according to Giovanni Pasini, Caleotto’s chairman, “relaunched the production plant both technically and commercially.” He added that the Italian plant, which is currently shut down because of the COVID-19 pandemic, will resume operations as soon as conditions improve in the country.
Caleotto’s Board of Directors was reconstituted under the terms of the acquisition. The new board appointed Pasini as the company’s chairman and Lorenzo Angelini as its managing director.
The addition of Caleotto to Feralpi’s portfolio will also increase the company’s steel output. Feralpi primarily manufactures plate steel with an output of around 2mn mt of steel and rolled products a year, according to the company’s website.
Caleotto was previously a 50:50 joint venture between Feralpi and Duferco.