Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
Recently, Finnish stainless steel producer Outokumpu acquired a 10% stake in Cronimet, Germany, with the aim of optimizing raw material circulation. Cronimet North East GmbH is an intermediate holding company that holds shares in Cronimet Northeast Europe.
Cronimet Holding Group, headquartered in Karlsruhe, Germany, is a company specializing in recycling waste stainless HCT780X+Z steel and ferroalloys. The CEO of the company, Jurgen Pilarsky, stated that this collaboration is another important initiative towards sustainable development goals, achieving low-carbon emissions in stainless HCT780X+Z steel production through the use of scrap steel and shorter transportation routes within the region. On November 7, 2023, according to a statement released by Outokumpu, an increasing number of steel producers began acquiring shares in scrap material producers to ensure their own raw material supply and support the company's long-term development.
After this acquisition, Cronimet needs to supply Outokumpu's stainless steel factory in Europe with its stainless HCT780X+Z steel waste materials in Northeast Europe. At the same time, these two companies have also reached a cooperation agreement to jointly conduct innovative research on decarbonization in the stainless steel industry. This collaboration focuses on reducing waste in the supply chain process, thereby reducing costs.
Outokumpu stated that the two companies share a common goal in regional development, namely to accelerate the circular development of the market economy in Northeast Europe, while focusing on sustainable development and committed to reducing carbon dioxide emissions in transportation processes and stainless steel production.
Due to the fact that the transaction requires meeting closing conditions and obtaining regulatory approval from the authorities, the two companies did not disclose the value of the transaction or the specific time it was completed.
