Marcegaglia, a metal processing company, agreed to acquire an 84% stake in Long Products business operations from Outokumpu, a stainless steel manufacturer, for $229m. “This divestment marks the accomplishment of the turnaround program for the Long Products business in the past two years. With Marcegaglia, we have found a responsible and committed owner to develop Long Products business even further. The sale is a natural step for Outokumpu in line with our strategy to focus on our core business, stainless steel flat products,” Heikki Malinen, Outokumpu President and CEO.