In yet another setback, Tata Steel Europe’s bid to sell its IJmuiden plant and related downstream assets to Swedish steel maker SSAB has failed as the latter feels that the deal will not fit into its sustainability strategy.
Confirming that SSAB has withdrawn its initial interest for acquiring Tata Steel’s Netherlands business, Tata Steel said it is committed to arriving at a strategic resolution for its European portfolio.
Tata Steel, CII to develop green steel framework
Tata Steel’s IJmuiden plant is among the most environmentally-efficient and cost-competitive steel producers in Europe, it said.
Last November, SSAB, which has significant presence in Europe, showed interest in acquiring Tata Steel’s Netherlands business to achieve scale and reap the benefit of synergy.
In 2019, Tata Steel Europe entered into talks with German steel major ThyssenKrupp for a potential merger of their business, but it was rejected by European regulators due to concern that it would spike steel…