Thyssenkrupp announced its withdrawal from negotiations on the acquisition of the steel segment of Liberty Steel. It was not possible to reach a common position. A few days later, Thyssenkrupp announced new investments in rolling mills, taking into account the increased consumption by electric vehicle manufacturers.
– Our understanding of corporate values and structure of transactions was too distant. It is now important that we provide this segment with a lucrative future in-house. We are working on this, which we have always stressed over the past few weeks and months, said Klaus Keysberg, Board Member and Chief Financial Officer of ThyssenKrupp.
“We regret this step because we perceived Liberty Steel as a serious partner in this process,” he added.
Liberty Steel, part of GFG Alliance Ltd., made an initial non-binding offer for a division of a German industrial company in October 2020.
Thyssenkrupp said Wednesday that the negotiations “failed to find a common solution to key requirements.”
According to him, now the company will continue independent work on the development of steel production.