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Sweden’s SSAB has withdrawn its initial interest for Tata Steel’s Netherlands business. On November 13, Tata Steel announced that it had started discussions with SSAB for a potential acquisition of its Netherlands business, including Ijmuiden steelworks, and due diligence was expected to be completed by the end of December.
However, Tata Steel confirmed on Friday that SSAB had withdrawn its initial interest, but the company said it was committed to arriving at a strategic resolution for its European portfolio.
In its earnings release, SSAB President and CEO Martin Lindqvist said, “After deeper analysis and discussions, it became clear that there were limited possibilities to integrate IJmuiden into the framework of SSAB’s strategies.”
