Trasteel Buys Final 40% of BBC Alloys After 30% H1 Revenue Jump

Trasteel Holding S.A. said its wholly owned subsidiary Trasteel International S.A. completed the purchase of the remaining 40% equity interest in Italian ferroalloy processor BBC Alloys S.r.l. on September 30, 2026, for total consideration of about EUR 1.7 million, lifting the Group's stake to 100%. BBC Alloys posted 2025 revenues of EUR 89.0 million, up 8.7% year-on-year, and EUR 63.9 million in the first half of 2026, a 30% rise over the prior-year period.

Context — Why Full Ownership of BBC Alloys Matters Now

The purchase price was set on BBC Alloys' Adjusted Net Equity, the same basis Trasteel used when it bought a 60% controlling stake in June 2025. The seller is minority holder Metco S.r.l., which held the other 40%. Full ownership removes the non-controlling interest from the Group's accounts rather than adding new revenue.

BBC Alloys has been fully consolidated into Trasteel's financial statements since June 2025, so its turnover already sits inside the Group's consolidated results. The September transaction therefore simplifies the equity structure and hands Trasteel the whole of the unit's cash flow.

The catalyst is integration. Since the 2025 deal, BBC Alloys has been folded into the Group's procurement, logistics and financing platform, rounding out the ferroalloys range Trasteel sells. The company frames full ownership as the natural next step after that control purchase.

Ferroalloys are an input for every steelmaker, which ties BBC Alloys' fortunes to European mill and foundry demand rather than to a single commodity price. Trasteel runs trading and industrial transformation operations across more than 60 countries with over 1,400 employees and more than 4,000 customers, per the company.

A separate corporate event is running in parallel. Trasteel signed a Business Combination Agreement with Sizzle Acquisition Corp. II, a Nasdaq-listed blank check company trading under the ticker SZZL, on April 13, 2026. That deal is expected to close by the end of 2026 and would list the combined company on Nasdaq under the symbol TSTL.

Data — What the Ferroalloy Numbers Show

BBC Alloys generated EUR 89.0 million of revenue in 2025, an 8.7% increase on the prior year. Total trading volumes rose 8.5% year-on-year, split between standard ferroalloys, up 26%, and noble ferroalloys, up 4%. The company credits the new resources provided by the Trasteel Group for that acceleration.

Growth then stepped up. First-half 2026 revenue reached EUR 63.9 million, against EUR 49.3 million in the first half of 2025 — a 30% gain. Those figures come from unaudited management accounts, while the full-year 2025 numbers are drawn from statutory financial statements prepared under Italian GAAP.

Metric	2025	H1 2026
Revenue	EUR 89.0m (+8.7% YoY)	EUR 63.9m (+30% YoY)
Prior-year base	—	EUR 49.3m
Total volumes	+8.5% YoY	Not disclosed

Standard ferroalloys grew five times faster than noble grades in 2025, a mix shift worth noting because noble products such as ferro molybdenum, ferro titanium and ferro vanadium typically carry higher unit values. Volume growth of 8.5% against revenue growth of 8.7% implies broadly flat pricing across the book.

The consideration of roughly EUR 1.7 million for 40% of the equity is modest against EUR 89.0 million of annual revenue, though the two are not comparable measures. Trasteel did not disclose the multiple or the underlying Adjusted Net Equity figure.

Analysis — What It Means for Steel Raw Materials and the SPAC Trade

Full ownership matters most for the pending Nasdaq listing. A clean 100% structure removes the non-controlling interest line from the combined company's financials, which simplifies the equity story for public-market investors ahead of the Sizzle II vote.

Second-order effects run through the European steel supply chain. Ferroalloys sit in the cost stack of every mill and foundry Trasteel serves, so consolidating processing and distribution under one owner concentrates sourcing, crushing, screening and bagging capacity in Northern Italy. The Tortona hub, with its covered warehouse and extraction systems, is the physical asset behind that integration.

The counter-argument is scale. BBC Alloys is a distribution and processing platform, not a producer, so its margins depend on trading spreads and freight rather than on ore or smelting economics. A single-quarter revenue surge does not guarantee durable pricing power, and the first-half 2026 figures are unaudited.

Positioning follows the deal calendar. Sizzle II shareholders are the audience that matters now, since the business combination needs their approval. Investors holding SZZL are effectively long the completion of a de-SPAC transaction, while the redemption and listing mechanics will drive flow into the shareholder vote.

BBC Alloys holds ISO 9001 certification and REACH registrations for imported products, and runs an in-house laboratory for material quality testing. Those compliance assets are what let the unit ship to European mills on customer specification, and they transfer intact with full ownership.

Outlook — What to Watch Next

The primary catalyst is the Sizzle II shareholder vote on the business combination, which the company expects to close by the end of 2026. Trasteel has not disclosed a record date or meeting date for that vote. Watch the Form F-4 registration statement Pubco intends to file with the SEC, which will carry the proxy statement and prospectus.

A second marker is the ticker change. On closing, the combined company is expected to list on the Nasdaq Stock Market under the symbol TSTL, so the SZZL quote is the pre-close proxy for that transition.

Operationally, the next hard data point is BBC Alloys' full-year 2026 results, which will show whether the 30% first-half revenue growth held through the second half. There is no disclosed date for that release. The report names no price levels for either SZZL or the future TSTL listing.

Frequently Asked Questions

What does Trasteel's purchase of BBC Alloys mean for Sizzle II shareholders?

It tidies the asset base the combined company will carry to Nasdaq. BBC Alloys is already consolidated into Trasteel's results, so the September deal removes the non-controlling interest rather than adding revenue. For SZZL holders, the relevant event remains the shareholder vote on the business combination, which the company expects to close by the end of 2026, subject to customary closing conditions.

Why did BBC Alloys' revenue growth accelerate to 30% in the first half of 2026?

The company attributes the gain to resources provided by the Trasteel Group after it took control in June 2025. First-half revenue reached EUR 63.9 million versus EUR 49.3 million a year earlier, on unaudited management accounts. In 2025, standard ferroalloys volumes rose 26% while noble grades added 4%, showing the mix shifted toward higher-volume standard products.

What ferroalloys does BBC Alloys actually sell?

The noble range includes ferro molybdenum, molybdenum oxide, ferro titanium, ferro niobium, ferro tungsten and ferro vanadium. Standard grades cover ferro manganese, ferro silico manganese, ferro silicon and ferro chrome, alongside basic and minor metals. The Tortona hub provides crushing, screening, sizing, sieving and bagging, shipping to customer specification for steel mills and foundries across Italy and Europe.

Bottom Line

Trasteel paid about EUR 1.7 million to own all of BBC Alloys, clearing its accounts for the Nasdaq listing due by year-end.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.