Finnish stainless steelmaker Outokumpu has signed an agreement with Swedish engineering group Sandvik to acquire full ownership of the Fagersta stainless steel wire rod mill in Sweden for ?,?18 million ($21.53 million), it announced on Tuesday May 15.
Fagersta Stainless is currently a 50:50 joint venture between Outokumpu and Sandvik. It made deliveries amounting to 52,000 tonnes in 2017, and generated revenue totaling ?,?150 million in the same year.Around 10,000 tonnes of Fagersta's total production is further processed into stainless wire...