The offer, made in response to thyssenkrupp conglomerate’s effort to divest the ailing steel division, if turns out to be successful, would mark a major presence of the Indian-origin tycoon entry in Germany’s industrial landscape.
Liberty Steel is now a global steel and mining entity with annual revenues of about $15 billion with 30,000 employees in more than 200 locations in four continents.
“With both transformation experience and an entrepreneurial approach, a possible combination of Liberty Steel and thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry and accelerate the transformation to Greensteel,” Liberty said in a release.
With a mission to become carbon neutral by 2030, a joint entity would be well positioned to create the sustainable Green steel industry leader in Europe, GFG Alliance said adding: “We would thereby contribute to the long-term recovery of the sector and the EU’s green deal.”
Liberty’s current proposal is a nonbinding indicative offer subject to certain assumptions about the business and is supported by a number of financial institutions.
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Steel's Net Zero mission
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Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
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The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
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“Five enablers: way forward to sustainable cleaner steel”
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