Sweden's SSAB abandons plan to buy Tata Steel's Dutch plant
2021-02-01 13:48:57 [Print]
Swedish steelmaker SSAB has ended talks over a potential acquisition of Tata Steel's Dutch steel mill, it said last Friday.
SSAB announced last November that it was in talks to buy IJmuiden.
"We carefully evaluated Tata Steel IJmuiden and have concluded that an acquisition would be difficult for technical reasons," SSAB Chief Executive Martin Lindqvist said. "The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation."
The breakdown of talks deals a blow to India's Tata Steel, which has been eager to divest its European assets. Tata Steel said it remained committed to a strategic solution for its European assets, which include the Port Talbot steelworks in Wales.
SSAB announced last November that it was in talks to buy IJmuiden.
"We carefully evaluated Tata Steel IJmuiden and have concluded that an acquisition would be difficult for technical reasons," SSAB Chief Executive Martin Lindqvist said. "The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation."
The breakdown of talks deals a blow to India's Tata Steel, which has been eager to divest its European assets. Tata Steel said it remained committed to a strategic solution for its European assets, which include the Port Talbot steelworks in Wales.
