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China/Italy: Taiwanese steel giant to join race for Italian plant sale

By  |  September 19, 2013

Taiwan-based steelmaker YUSCO will likely enter the bidding race for an Italy-based steel plant put up for auction following plans bt its owner, Finland-based steelmaker Outokimpu, to divest the asset as part of a buyout deal.

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    Sources told reporters that YUSCO will join the current three bidders for the plant and that executives from the Chinese company flew into Italy to inspect the mill, the Acciai Speciali Terni plant.

    The plan was divested by Outokumpu in its buyout of Inoxum, the stainless steel manufacturer previously owned by ThyssenKrupp.

    The Italian plant is valued at more than $675 million, according to reports, but financial experts expect the plan to sell for less due to a weak market.

    Full Content: Reuters

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