British Free Steel may acquire ThyssenKrupp Steel Division of Germany

SMM10, March 19: (libertysteel Group), a British free steel group affiliated with the GFG Alliance, has announced that it has made an indicative offer to acquire the ailing steel division of Germany's ThyssenKrupp (Thyssenkrupp).

Liberty steel said the possible merger would form a strong team to meet the challenges facing the European steel industry and accelerate the transition to green steel. But IGMetall, the German metal workers' industry association, opposes a potential acquisition of ThyssenKrupp's steel division because it could lead to job losses. The union also recently urged the German government to help rescue the steel sector.

ThyssenKrupp has been looking for buyers or partners for its steel division because of operating losses, and there are rumors of potential mergers with Salzgit, Tata Steel and SSAB. Recently, however, (SalzgitterGroup), a German steelmaker, rejected the idea of an alliance. The company also held preliminary talks with SSAB, a Swedish special steel producer, about a potential merger with its steel division.

It is understood that ThyssenKrupp sold its elevator division at the beginning of this year for 7.2 billion euros.