Feralpi Group is taking over Duferco Italia Holding’s 50pc share in Caleotto Spa, a joint venture the two companies formed five years ago.
Caleotto, a Lecco, Italy-based wire rod company, will be wholly owned by Feralpi as the two companies respectively undertake industrial developments. Duferco has sizeable investments, including a €150mn ($165mn) rolling mill in Brescia. Feralpi, meanwhile, has developments in the special steels sector.
Lorenzo Angelini, Caleotto’s managing director, noted the site’s innovative skills and technologies, made it an ideal special steels operation both nationally and internationally. Caleotto will still be supplied with billets from Acciaierie di Calvisano, which is owned by both Feralpi and Duferco.
A mill in Brescia, part of a joint venture production system between Dufferco and Nucor called Dufferdofin-Nucor, will be fully operational by mid-2022 with 150 employees. The low cost mill will produce 1mn mt of rolled products. Duferdofin-Nucor revenues in 2018 reached €559.3mn, a 21pc increase over the previous year. Net profits rose by 91pc in 2018 to €2.1mn.
Feralpi Group produced 2.447mn mt of steel in 2018, with 2.089mn mt of HRC and 0.979mn mt of CRC.
€1 = US$1.10 (as on Jan 29, 2020)