Outokumpu has decided to sell its “electricity distribution network at the Tornio site in Finland to InfraVia European Fund II (“InfraVia II”), an investment fund managed by OFI InfraVia, an independent investment company based in France and specialized in the infrastructure sector. With the transaction, five Outokumpu employees will transfer to a new industrial electricity distribution company established by InfraVia II that will continue to operate the network at the Tornio site,” reports The Wall Street Journal.
“The transaction is part of Outokumpu’s efforts to strengthen the company’s financial position and liquidity. Outokumpu expects to close the transaction in the coming weeks. The cash consideration of the transaction is agreed to be around EUR 63 million. The transaction is recognized as a sale and leaseback resulting in a finance lease, and its impact on Outokumpu’s result is not material.”
The Indian nickel cash price saw a 0.8 percent drop on Monday, November 25, making it the biggest mover of the day. The spot price of nickel flattened following two-days of declines on the LME. After a couple of days of decreasing prices on the LME, the 3-month price of nickel held steady.
Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly held steady.
The price of Chinese primary nickel fell 0.3 percent to a 30-day low on Monday. The price of Chinese 316 stainless coil was unchanged. The price of Chinese 304 stainless coil saw little movement. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady.