Outokumpu to acquire a 10% stake in CRONIMET North-East from CRONIMET.

Outokumpu, a producer of stainless steel, agreed to acquire a 10% stake in CRONIMET North-East from CRONIMET, a global specialist for stainless steel scrap, ferroalloys and primary metals. Financial terms were not disclosed. “Partnering around our value chain and strengthening our sustainability leadership are key priorities in our strategy. Outokumpu has the lowest carbon footprint in the stainless steel industry, 70% smaller than the global average, which is a competitive advantage for us. The better the quality and the closer the scrap is sourced, the smaller the carbon footprint of our production, allowing Outokumpu to decrease the supply chain emissions further. We are excited about this partnership with CRONIMET, as we have a shared ambition on regional development – to accelerate the circular economy in the Northeastern European market area. Together, we can further strengthen our scrap supply and drive green transition in the industry,” Marc-Simon Schaar, Outokumpu Chief Procurement Officer.