Tata Steel's aim to sell one of its assets has received a major setback.
Deal Falls Through
Swedish firm SSAB has decided to pull out of its plan to acquire Tata Steel's Dutch unit Tata Steel IJmuiden. The Swedish company explained that the deal doesn't sit right with their goal to be the first in the world, in 2026, to supply fossil-free steel to the market and to be a fossil-free company by 2045.
This is the second time a deal for the unit in the Netherlands has failed to materialize after the anticipated merger with Germany's thyssenkrupp was blocked by European Commission a year ago. When the news emerged, Tata Steel's stock dived by 3% in the BSE.
Tata Steel are fervently looking for a buyer as the company grows weary each day with the amassed debt on the firm's Europe books.