5 Apr 2023 18:40

EC approves Marcegaglia's acquisition of Severstal's Latvia-based SSD subsidiary

MOSCOW. April 5 (Interfax) - The European Commission has approved the acquisition of Severstal's Latvia-based SIA Severstal Distribution (SSD) subsidiary by Italy's Marcegaglia steel company, the EC said in a statement.

Founded in 1992, SSD, formerly AS Severstallat until the end of 2014, supplied metal products from Severstal's sites to the countries of Northern, Central and Eastern Europe. The company owns the largest steel-service center in the region for processing flat-rolled metal, and the company has a sales office in Poland.

This is not the first asset that Marcegaglia has acquired from Russian owners. The Italian steel company in 2019 bought Evraz's Palini e Bertoli plant, which was valued at 40 million euros.