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Thyssenkrupp says negotiations to sell steel business have not progressed a step

Europe / Ferrous metallurgy

Germany's largest steelmaker said it was open to negotiations to sell the business, but was not ready to enter into a deal with Britain's Liberty Steel.

Thyssenkrupp says negotiations to sell steel business have not progressed a step

The German industrial concern, which, due to the difficult financial situation, decided to sell the maximum number of production units, including the steel division, said that its negotiations to sell the business were not moving in any way.

Earlier it was reported about negotiations between Thyssenkrupp and British Liberty Steel, part of the industrial conglomerate GFG Alliance, owned by entrepreneur Sanjiv Gupta, which allegedly made a non-binding offer to acquire the metallurgical division of the German corporation.

The proposal from Liberty Steel caused particularly strong employee dissatisfaction. Jürgen Kerner, Deputy Chairman of the Supervisory Board of ThyssenKrupp, spoke out unequivocally against the deal.

Kerner has once again accused Liberty Steel of simply wanting cheap deals with a big name.

The owner of Liberty Steel is known for his high-profile acquisitions in the UK and Australia, some of which looked dubious. Sanjiv Gupta uses a strategy of switching from blast furnace steel production to electrometallurgical production, which he develops thanks to his own generation of electrical energy.

Strong resistance from workers may make it difficult for Thyssenkrupp management to close a deal with Liberty Steel. But the alternatives are gradually coming to an end.

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