Finland headquartered stainless steel leader Outokumpu announced that European Commission’s Competition Council has approved divestment of Long Products units to Italian Marcegaglia. Outokumpu has now received approvals from all the required competition authorities the European Commission and the US competition authority. In addition to the regulatory approvals by the competition authorities, the completion of the transaction is subject to customary closing conditions. Outokumpu expects to complete the transaction in the beginning of 2023.Outokumpu had announced on 12 July 2022 that it would divest the majority of its Long Products business to Marcegaglia. Outokumpu President & CEO Mr Heikki Malinen said “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.”The sales of Long Products accounted for approximately 8% of the Outokumpu Group's sales in 2021. The transaction includes Long Products’ melting, rod and bar operations in Sheffield in UK; bar operations in Richburg in US; and wire rod mill in Fagersta in Sweden. The transaction does not include Outokumpu Long Products AB operations in Degerfors and Storfors, Sweden. Approximately 650 employees in Sheffield, Richburg and Fagersta will transfer to the buyer as a part of the transaction.