Spanish steel supplier Network Steel has signed an agreement to acquire German steelmaker Thyssenkrupp’s Galmed plant in Sagunto, following several months of negotiations, according to local Spanish media reports.
The new plant is expected to diversify Network Steel’s galvanized product capacity and strengthen its geographical sales areas. With the acquisition, 120 jobs at the plant will be saved.
Thyssenkrupp Galmed has an annual production capacity of about 450,000 mt of hot dip galvanized products.