Finnish steelmaker Outokumpu Oyj sold its quarto plate mill in New Castle, Ind., to U.S.-based private equity company D'Orazio Capital Partners and to the mill's current management.

The cash consideration is expected at about €28 million, depending on the amount of net working capital at closing, the company said Jan. 25.

The transaction will reduce the company's net debt by the same amount and will not have a material impact on the steelmaker's finances.