SSAB pulls out of Tata Steel Europe deal

Swedish steel producer SSAB has withdrawn from discussions to buy Tata Steel Europe's IJmuiden facility and downstream assets in the Netherlands, as there are "limited possibilities" to integrate them into its strategic framework and sustainability strategy, the company said today.

"The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation," said company president and chief executive Martin Linqdvist.

SSAB intends to be a fossil fuel-free company by 2045, and to supply its first fossil fuel-free steel to the market in 2026.

"The transition to fossil-free steel is a top priority for SSAB. We are continuously on the lookout for possibilities to invest and step up the pace of this transition. Completely fossil-free steel will be a premium segment with great growth potential", Lindqvist added.

By Colin Richardson