Status: 02/17/2021 9:33 p.m.
Thyssenkrupp is not selling its steel business to the competition after all. The group broke off talks with Liberty Steel. The ideas were too far apart, it was said to justify.
The industrial group Thyssenkrupp does not want to sell its steel subsidiary to its British competitor Liberty Steel. Thyssenkrupp announced that the negotiations had ended.
“We opened the door for negotiations, but in the end our ideas about the corporate value and structure of the transaction were far apart. We have therefore decided to end the talks,” said CFO Klaus Keysberg. Thyssenkrupp will now continue to develop the steel business on its own.
Industry under pressure for years
Liberty Steel had submitted a non-binding offer for Thyssenkrupp Steel Europe in mid-October. Thyssenkrupp had announced that it would also examine a spin-off and continued operation on its own. The two companies together would have forged the second largest industry giant in Europe behind ArcelorMittal Europe.
For years, the industry has suffered from overcapacity, cheap imports from the Far East and increasingly stringent climate protection requirements. Heavy industry came under even greater pressure as a result of the Corona crisis. In the past few months, however, the situation has recovered somewhat. Thyssenkrupp Steel Europe benefited from the increased demand, especially from the automotive industry, and higher steel prices.