Finland-based stainless steel producer Outokumpu has announced that it has signed an agreement to divest its Long Product AB operations in Degerfors and Storfors, Sweden, to Italy-based long stainless steel producer Cogne Acciai Speciali for €12 million in line with its strategy to focus on its core business of flat stainless steel products and ferrochrome.

The company expects to complete the divestment in a couple of months. Outokumpu’s other operations in Degerfors are not affected by the divestment.

In January this year, the company completed the divestment of the majority of its Long Product business operations to Italy-based Marcegaglia Steel Group for €228 million, as SteelOrbis previously reported.