Trasteel Holding S.A. completed the acquisition of the remaining 40% equity interest in BBC Alloys S.r.l. on September 30, 2026, making the Italian ferroalloy trader a wholly owned subsidiary.

The transaction, valued at approximately EUR 1.7 million, was executed by Trasteel’s principal trading arm, Trasteel International S.A., from minority shareholder Metco S.r.l. This move follows Trasteel’s initial acquisition of a 60% controlling interest in June 2025. The purchase price was determined based on BBC Alloys’ Adjusted Net Equity, consistent with the valuation criteria applied during the initial stake purchase.

Financial performance and integration

BBC Alloys has been fully consolidated in Trasteel’s financial statements since June 2025, meaning its revenues were already included in the Group’s results. The recent transaction eliminates the non-controlling interest. Since joining the Group, BBC Alloys has been integrated into Trasteel’s procurement, logistics, and financing platforms.

In 2025, BBC Alloys generated revenues of EUR 89.0 million, an increase of 8.7% year-on-year. Total trading volumes rose 8.5%, driven by standard ferroalloys (+26%) and noble ferroalloys (+4%). Growth accelerated in the first half of 2026, with revenues reaching EUR 63.9 million, up 30% compared to EUR 49.3 million in the first half of 2025, based on unaudited management accounts.

Strategic implications

The full ownership allows Trasteel to integrate BBC Alloys’ ferroalloy activities more closely within its steel raw materials value chain. Gianfranco Imperato, CEO of Trasteel, described the buyout as a natural next step, noting that ferroalloys are essential inputs for steelmakers served by the Group. Lorenzo Bagliano, CEO of BBC Alloys, will continue leading the company and assume responsibility for the Group’s ferroalloys activities.

The Board of Directors of BBC Alloys now comprises Gianfranco Imperato as Chairman, Lorenzo Bagliano as CEO, and Federico Guiducci as Director. BBC Alloys operates a processing and logistics hub in Tortona, Italy, equipped with advanced extraction systems and holds ISO 9001 quality certification.

SPAC merger context

This operational update occurs alongside Trasteel’s pending business combination with Sizzle Acquisition Corp. II (NASDAQ: SZZL). As previously announced, Trasteel Holding S.A. confidentially submitted a draft registration statement on Form F-4 to the U.S. Securities and Exchange Commission (SEC) on September 30, 2026.

The Business Combination Agreement, dated April 13, 2026, outlines that the new holding company will acquire all issued shares of Trasteel in exchange for ordinary shares. Simultaneously, a wholly owned subsidiary of the holding company will merge with Sizzle II. Upon completion, the combined entity is expected to list on the Nasdaq Stock Market under the ticker symbol "TSTL".

What the Numbers Show

The acceleration in BBC Alloys’ revenue growth from 8.7% in FY25 to 30% in H1FY26 highlights the immediate impact of integrating the subsidiary into Trasteel’s broader global logistics and commercial platform. The disproportionate growth in standard ferroalloy volumes (+26%) compared to noble ferroalloys (+4%) suggests that the Group’s expanded distribution network is particularly effective for high-volume, standard product lines.

Trasteel Holding S.A. appointed Alessandro Colombi as Head of Investor Relations effective August 3, 2026. The global steel trading group is establishing the function for the first time to support its transition to a public company.

Colombi will report to Chief Executive Officer Gianfranco Imperato. He is expected to lead the investor relations function for the combined entity after Trasteel completes its proposed business combination with Sizzle Acquisition Corp. II (NASDAQ: SZZL).

Strategic Context

The appointment aligns with Trasteel’s planned listing on the Nasdaq Stock Market under the symbol "TSTL". The business combination, announced on April 13, 2026, is expected to close by the end of 2026. This timeline is subject to shareholder approvals and other customary closing conditions.

Leadership Profile

Colombi brings more than two decades of executive leadership across industrial, commodities, and media sectors. He previously served as Chief Investment Officer of Trasteel International SA in Lugano from 2009 to 2011. In that role, he assessed greenfield projects, equity participations, and mergers while participating in the executive committee.

Most recently, Colombi served as Chief Executive Officer and Managing Director of Corriere del Ticino Group from 2018 to July 2026. During his tenure, he led a structural cost optimization program that returned the media group to profitability.

Management Commentary

CEO Gianfranco Imperato highlighted Colombi’s internal familiarity with Trasteel’s operations. "As we prepare to operate as a public company, we need someone who can clearly articulate Trasteel’s business and financial fundamentals while building lasting relationships with the Company’s investors," Imperato said.

Colombi stated his focus will be on providing investors with a clear view of how Trasteel creates value. "I am delighted to rejoin Trasteel, a Group that I have closely followed since incorporation," he said.

About the Companies

Trasteel is a global steel trading and industrial group founded in 2009. It operates across more than 60 countries with over 1,400 employees and serves over 4,000 customers worldwide.

Sizzle Acquisition Corp. II is a blank check company formed to enter into a business combination. It is led by Chairman and CEO Steve Salis and Vice Chairman Jamie Karson.