United Arab Emirates-based steel producer Emirates Steel Arkan (ESA) may invest in German steelmaker Thyssenkrupp’s steel unit in Duisburg by making a formal bid to acquire a minority stake in the latter in the coming months, according to a report by Bloomberg.
Negotiations will start when Miguel Ángel López Borrego, the new Thyssenkrupp CEO, takes charge on June 1.
ESA would produce steel with renewable power in the UAE and ship the products to Germany to be processed into automotive components by Thyssenkrupp.
Meanwhile, Indian steel producer JSW Steel and Luxembourg-based private equity company CVC Capital Partners are also said to be interested in Thyssenkrupp’s steel unit.