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Home Business Swedish SSAB 'interested' in Dutch IJmuiden steel plant

Swedish SSAB ‘interested’ in Dutch IJmuiden steel plant

German newspaper Handelsblatt stated at the weekend that, Swedish steel group SSAB has uttered solemn interest in the acquisition of the Dutch activities of Tata Steel. Talks said to be in an initial stage, the paper reported.

SSAB was originally wanted to taking over Thyssen-Krupp’s steel firm, but in mid-October, British Indian businessman Sanjeev Gupta’s Liberty Group took a gamble which didn’t result well. SSAB is primarily attracted to Tata Steel in IJmuiden, not the loss accumulating British arm, the paper added.

Tata, Liberty, and SSAB have refrained from commenting on the claim. In April, Tata Steel reported that it was postponing a planned reform of its European arm pending July at least, owing to the COVID crisis. The company was looking to cut 3,000 jobs and tear up costs in the exertion to reinstate profitability margins.

Up to a thousand of the eleven thousand jobs in IJmuiden would have been argued on. However, In June, the company inveterate that there wouldn’t be any necessary dismissals in IJmuiden when the company oversees reforms, and the current job agreement, which stays put until October 2021, will be respected.

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