In the fourth quarter of 2020, SSAB announced that it was in discussions with Tata Steel concerning a possible acquisition of the IJmuiden steel mill and related downstream assets. After deeper analysis and discussions, it became clear that there were limited possibilities to integrate IJmuiden into the SSAB strategic framework.
Deliberations with Tata Steel have therefore concluded.
CEO and SSAB President Martin Lindqvist said “We have carefully evaluated Tata Steel IJmuiden and have concluded that an acquisition would be difficult for technical reasons. We cannot be sufficiently certain that we could implement our industrial plan with the preferred technical solutions as quickly as we would wish. We cannot align Tata Steel Ijmuiden with our sustainability strategy in the way desired.
Tata Steel confirmed that SSAB had withdrawn its initial interest for Tata Steel Netherland business. However, Tata Steel confirmed that it is committed to arriving at a strategic resolution for its European portfolio. Tata Steel’s IJmuiden plant is among the most environmentally efficient and cost competitive steel producers in Europe.
GFG Alliance’s Liberty Steel, based in UK, has submitted a firmed up bid for Germany’s largest steelmaker thyssenkrupp Steel Europe after a comprehensive due diligence process including multiple site visits.
News reports quoted a Liberty Steel spokesman as saying that “Due diligence and our discussions with thyssenkrupp have so far confirmed that a potential combination of thyssenkrupp Steel Europe and Liberty Steel is the right answer from an economic, social, and environmental perspective. We look forward to continuing to engage with thyssenkrupp, its employee representatives and its shareholders to conclude this process. This is an important step for Liberty demonstrating our binding commitment to the combination of the two businesses.”