HELSINKI, Finland (AP) -- The world's second-largest stainless steel maker, Outokumpu Oyj, announced Monday that it has sold its last copper assets, in a move to further concentrate on core stainless production.
The euro50 million (US$78 million) sale to Cupori Group Oy means Outokumpu will book a capital loss of some euro65 million (US$102 million) on the deal, but it will have no effect on the group's sales or operating profit, the company said.
The sale includes copper manufacturing plants and companies in Finland, Spain, Sweden and Belgium, and sales companies in France, Germany and Italy. Last year, their combined net sales totaled euro510 million (US$800 million) with a net loss of some euro5 million (US$8 million), Outokumpu said.
Outokumpu became the world's second-largest stainless steel maker in 2000 when it merged steel operations with Britain's Avesta Sheffield to form AvestaPolarit. It has declared a goal of becoming the world's No.1, and has gradually divested noncore production.
After the new deal, Outokumpu still has two brass-producing units in Sweden and the Netherlands. ''It is Outokumpu's intention to exit from these businesses as well,'' it said.
Last year, Outokumpu's stainless operations had net sales of almost euro7 billion (US$11 billion) and an operating profit of euro589 million (US$920 million).
Based in Espoo, near the Finnish capital, Helsinki, Outokumpu employs 8,100 workers in 30 countries.
