Outokumpu divests quarto plate mill in Indiana

Finland-based stainless steel provider Outokumpu has sold its quarto plate mill in New Castle, Ind., to D’Orazio Capital Partners, a U.S.-based private equity company, and to the mill’s current management.

The new company now operates under the name New Castle Stainless Plate LLC. Michael Stateczny, president of the new firm, led the acquisition team that included five other members of the plantʼs senior leadership. All six become minority owners in the new business and will continue in their management roles.

The mill, which produces specialty and standard grades of stainless steel, retains its 112 leaders, managers, and mill employees.

Outokumpu’s other U.S. operations remain unchanged.