Aperam S.A. ("Aperam"), Ilta Inox S.p.A. ("Arvedi") and Marcegaglia S.p.A. ("Marcegaglia") announce that they have signed a memorandum of understanding (MoU) to create an Italian Joint Venture aimed at participating in the sale process of the stainless steel producer Acciai Speciali Terni S.p.A, currently being divested by Outokumpu Oyj.

Under the terms of the MoU, Aperam would be majority shareholder and operator of the Joint Venture while Arvedi and Marcegaglia would each have equal minority shareholdings.

The consortium's combined experience and resources would be drawn upon to improve the competitiveness and profitability of the Italian mill in the European market for flat stainless steel products.