Salzgitter AG sells Mannesmann Stainless Tubes Group to Cogne Acciai Speciali

• Further step taken in active portfolio management
• "Salzgitter AG 2030" group strategy being driven forward

Salzgitter. Continuing its active portfolio management, the Salzgitter Group has now sold the Mannesmann Stainless Tubes Group (MST) to the Italian company Cogne Acciai Speciali in accordance with the best-owner principle for a purchase price of € 135 million corresponding to the net book value. The transaction is subject to regulatory approvals by the authorities.

As Burkhard Becker, Chief Financial Officer of Salzgitter AG, commented: "We are pursuing active portfolio management with strategic acquisitions and growth steps, as well as sales of companies that are not part of our defined development areas. This approach is an integral part of our "Salzgitter AG 2030" Group strategy. Cogne provides MST and its employees further reaching entrepreneurial opportunities within the new network, and ranks as a renowned industrial partner."

Cogne Acciai Speciali is an international group of companies with production facilities on three continents and sales offices in all economically significant regions of the world. Cogne manufactures long products in stainless steel (austenitic, martensitic, ferritic, duplex and super-duplex grades) and nickel-based alloys for aerospace, automotive, energy – and in particular the oil and gas – industry as well as serving the medical technology sector, the food industry, chemical and plant engineering, in addition to general mechanical engineering.

The Mannesmann Stainless Tubes Group produces seamless stainless steel and nickel-based tubes at its sites in Germany, France, Italy and the USA. Stainless steel provides material-related advantages over normal carbon steel in terms of corrosion and heat resistance, for example. Accordingly, the products of the Mannesmann Stainless Tubes Group are predominantly deployed in power plant construction and in the chemical and petrochemical industries. As a stainless-steel tube manufacturer, MST is not integrated into the Salzgitter Group's supply of primary materials.