Spain-based Thyssenkrupp Galmed, a subsidiary of German steelmaker Thyssenkrupp, will close its Sagunto plant due to the worsening of the European automobile market and the consequent reduction in demand for galvanized steel products, according to local media reports.
The plant has an annual production capacity of about 450,000 mt of hot dip galvanized products.
The company plans to supply its local and foreign customers through its plants in Germany following the closure of the Sagunto plant.
As all 120 employees at the plant will be dismissed, Thyssenkrupp Galmed is in talks with the Volkswagen battery factory Power HoldCo Spain SA to find employment possibilities for its employees.