Swedish steelmaker SSAB has announced that it will take over Polish steelmaker Tibnor. The takeover constitutes a step in strengthening SSAB's position in Central and Eastern Europe by further developing the company's service offering, the company said.
In a release, SSAB pointed out that it is obtaining an opportunity to grow further in an expanding market and the investment will also support the introduction of new directly quenched hot rolled products on the market. In total, the new company in Poland will have some 40 employees and be based primarily in Wroclaw and Warszawa.
"By combining SSAB's and Tibnor's strengths, we can create an even stronger foothold on the market in a strategically important part of Europe," said Mikael Nolborg, head of value added services within SSAB's EMEA business area.
The formal takeover will take place on April 1, 2011.