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 海角视频 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.
GFG Alliance appoints former thyssenkrupp Steel executive chairman as COO
GFG Alliance has appointed Premal Desai as its new group chief operating officer (COO – Business Development), starting January 1, 2021.
Alongside the oversight and expansion of the group'global footprint, Mr Desai will focus on the sustainable transformation journey of the Group.
Mr Desai has extensive experience in the European industry – most notably in strategy, finance, operations and transformation. After 10 years at Boston Consulting Group he held several leadership positions at thyssenkrupp AG from 2006 to 2020, most recently as CFO and Executive Chairman of thyssenkrupp Steel.
GFG Alliance’s executive chairman Sanjeev Gupta said: “We are delighted to welcome Premal to our worldwide GFG family. With his many years of experience in senior positions across our sectors,
Premal is ideally qualified to fill the role as COO – Business Development, for our global group. His expertise and passion especially about sustainability and digital transformation will allow us to further expand and improve our businesses.”
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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.
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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.