The offer, made in response to thyssenkrupp conglomerate’s effort to divest the ailing steel division, if turns out to be successful, would mark a major presence of the Indian-origin tycoon entry in Germany’s industrial landscape.
Liberty Steel is now a global steel and mining entity with annual revenues of about $15 billion with 30,000 employees in more than 200 locations in four continents.
“With both transformation experience and an entrepreneurial approach, a possible combination of Liberty Steel and thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry and accelerate the transformation to Greensteel,” Liberty said in a release.
With a mission to become carbon neutral by 2030, a joint entity would be well positioned to create the sustainable Green steel industry leader in Europe, GFG Alliance said adding: “We would thereby contribute to the long-term recovery of the sector and the EU’s green deal.”
Liberty’s current proposal is a nonbinding indicative offer subject to certain assumptions about the business and is supported by a number of financial institutions.
This story is from the November 2020 edition of Steel Insights.
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This story is from the November 2020 edition of Steel Insights.
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