Freedom Steel may acquire German ThyssenKrupp steel business
Date: 2020-10-27
Freedom Steel may acquire German ThyssenKrupp steel business
According to a foreign media report on October 16, the British Liberty Steel Group (Liberty Steel Group) has made a non-binding offer for the steel business unit of the German ThyssenKrupp Group that is currently under operating conditions.
Liberty Steel Group stated in a statement issued on October 16 that the merger with ThyssenKrupp Steel Europe will be the right choice, no matter from an economic, social, or environmental point of view. The two parties will jointly respond to the challenges faced by the European steel industry and accelerate the transition to green steel.
However, the German Metal Industry Union (IG Metall) opposes the potential acquisition of ThyssenKrupp’s steel business unit because it may increase the local unemployment rate. The union recently urged the German government to “rescue” ThyssenKrupp’s steel business.
It is reported that due to operating losses, ThyssenKrupp has been looking for buyers or partners for its steel business unit, and there are rumors that it has reached agreements with German Salzgitter Steel, India’s Tata Steel, and Swedish Steel (SSAB) Potential merger intention. However, recently Salzgitter Steel rejected ThyssenKrupp’s idea of an alliance.
Liberty Steel Group is a global steel and mining company with an annual operating income of approximately US$15 billion and 30,000 employees in more than 200 regions on four continents. The group stated that the businesses of the two companies are complementary in terms of assets, product lines, customers, and geographic locations.
Post time: Oct-27-2020
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