PRESS RELEASE ORI MARTIN - FERROSIDER
ORI Martin a privately owned steel Group from Brescia (Italy), active in the production of engineering steel, has acquired from Mr Mauro and Mr Quinto Stefana the majority of Ferrosider Spa, a rolling mill located in Ospitaletto, near Brescia. Ferrosider is a Company with a sales turnover over 120 million Euro, with 104 employees and it specialises in the production of merchant steel bars in a variety of shapes eg rounds, squares, flats, wide flats, angles, UPN, IPE and T beams for both the mechanical and steel construction industries.
Although the steel market is facing a favourable cycle at present, ORI Martin has chosen to verticalise its own steel production with the acquisition of an already operating business, rather than try to create new production capacity in an already saturated market. The continuity of the Ferrosider business is guaranteed by Ms Federica and Mr Quinto Stefana, who will remain not only significant shareholders, but also the Positions of Vice-President and CEO. Mr Piero Bettinzoli has been appointed by ORI Martin as second CEO. Ms Dr Anna Magri will be President of the Company, together with Mr Uggero De Miranda as second Vice-President.
Through this Agreement Ferrosider enters into the ORI Martin Group and obtains an important upward integration which guarantees the supply of engineering steel billets. In this way one of the major European actors in the market of merchant bars, adds to its traditional market a development in the automotive supply chain.
ORI Martin, Mauro and Quinto Stefana express their full satisfaction for the Agreement which strengthens both Companies.