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Essen (AP) - The industrial group Thyssenkrupp will not sell its steel business to competitor Liberty Steel.
The talks with Liberty Steel about a possible acquisition of Thyssenkrupp Steel Europe have ended, a sale of the steel business to Liberty Steel will not come about, Thyssenkrupp announced on Wednesday evening.
The ideas about the company value and structure of the transaction had differed widely.
Thyssenkrupp will now push ahead with a future-oriented list of steel on its own, it said.
The steel division suffered badly from the consequences of the corona pandemic and accumulated a loss of almost one billion euros in the past financial year.
Recently, however, the problem child had a good development.
The Group's core division was able to increase its result in the first quarter of the 2020/21 financial year from minus 144 million euros to a profit of 22 million euros compared to the previous year.
In addition to the renewed increase in auto production, good demand in the home appliance and construction industries had a positive impact.
Like the rest of the industry, Thyssenkrupp also benefited from the increased steel price.
The mining company had examined an offer to buy from the British-Indian entrepreneur Sanjeev Gupta, who wanted to merge the steel production of the Essenes into his Liberty Steel group.
Remaining with the group or a spin-off were also options.
At the beginning of February, Group boss Martina Merz had already stated that the purchase offer submitted by the competitor Liberty had a "number of complex issues that needed clarification".
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For the modernization of its steel division, Thyssenkrupp recently approved investments of a good 700 million euros.
In return, the group wants to cut more jobs in steel than previously planned.
With the largest investment program in steel for almost two decades, according to the company, Thyssenkrupp wants to make its plants in Duisburg and Bochum fit for the increased demands of the automotive industry.
© dpa-infocom, dpa: 210217-99-485132 / 4
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