Swedish steel company SSAB is not taking over the blast furnace complex from Tata Steel in IJmuiden, it reports Friday.

According to the Swedes, the benefits to be gained from the deal did not ultimately outweigh the costs and investments that would have been necessary.

Recently there were rumors that the talks between Tata Steel and SSAB did not really want to go smoothly.

Two major shareholders of SSAB are said to have opposed the takeover plans.

Tata Steel Netherlands has a total of 13,000 to 14,000 employees. Not all of them work in IJmuiden. Elsewhere in the country, the company also has branches. Other Tata locations on the European mainland also belong to the Dutch branch in which SSAB was interested. Tata Steel Netherlands currently has an Indian parent company.