Spanish steel supplier Network Steel is interested in the acquisition of the Sagunto plant of Spain-based Thyssenkrupp Galmed, a subsidiary of German steelmaker Thyssenkrupp, with its all 120 employees, according to local Spanish media reports. Negotiations between the companies have been ongoing.
Thyssenkrupp Galmed announced that it will close its Sagunto plant, with an annual production capacity of about 450,000 mt of hot dip galvanized products, due to the worsening of the European automobile market and the consequent reduction in demand for galvanized steel products, as SteelOrbis previously reported. Negotiations with the unions have not started yet.
Meanwhile, Network Steel already has a facility in Sagunto, through its subsidiary Ibersteel, specializing in coils.