Tata Steel share price falls over 3%: Details explained
Bloomberg highlighted that SSAB after deeper analysis and discussions said that, it became clear that there were limited possibilities to integrate IJmuiden into the SSAB strategic framework. Discussions with Tata Steel have therefore concluded. SSAB CEO Martin Lindqvist said that “The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation. This means that overall, the transaction would not meet their financial expectations,”.
SSAB said that the rationale behind the discussions concerning Tata Steel IJmuiden was based on their customers’ clear desire for a strong supplier of a broad range of fossil-free steel: Reuters