Sweden's SSAB ends talks to buy Tata Steel's Dutch plant
Topics: SWEDEN SSAB TATA STEEL DUTCH
After deeper analysis and discussions, it became clear that there were limited possibilities to integrate IJmuiden into the SSAB strategic framework. Discussions with Tata Steel have therefore concluded.
“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,” says Martin Lindqvist, President and CEO at SSAB.
“The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation. This means that overall, the transaction would not meet our financial expectations,” he adds.
SSAB is leading the transformation of the steel industry to fossil-free production. The group’s goal is to be the first in the world, in 2026, to supply fossil-free steel to market and to be a fossil-free company by 2045.
"The rationale behind the discussions concerning Tata Steel IJmuiden was based on our customers’ clear desire for a strong supplier of a broad range of fossil-free steel," says SSAB. ■