Liberty Steel has made a non-binding indicative offer for the steel activities of German conglomerate Thyssenkrupp.
The Liberty Steel Group, which is part of sustainable industry leader GFG Alliance, said in a statement : "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 Steel, a global steel and mining business, has annual revenues of about $15bn and 30,000 employees in more than 200 locations on four continents.
Earlier this month steel magnate Sanjeev Gupta, the executive chairman of Liberty Steel Group, said he would consider an acquisition if the Port Talbot steelworks was brought to market.
Liberty Steel was one of a number of bidders for Tata’s UK steel business back in 2016, before the sales process was abandoned.
Tata Steel Europe then pursued a jonit venture with Thyssenkrupp, before that was dissolved last year.
Liberty Steel believes a possible combination with Thyssenkrupp Steel would create a strong group that would well positioned to tackle the challenges faced by the European steel industry and accelerate the transformation to green steel production.
The company is convinced a combination with the the German firm can be the right answer from an economic, social, and environmental perspective.
From an economic perspective, it says, there is potential for a compelling industrial concept given that the businesses are complementary with respect to assets, product lines, customers, and geographic footprint.
The steel firm has a mission to become carbon neutral by 2030, and says a joint entity would be well positioned to create the sustainable Greensteel industry leader in Europe.
