The new plant is expected to diversify Network Steel’s galvanized product capacity and strengthen its geographical sales areas.
Jan 2, 2025
Leading global manufacturer of packaging steel, Thyssenkrupp, has signed an agreement with Spanish steel supplier Network Steel, for the sale of its Galmed plant in Sagunto, Spain, having an annual production capacity of about 450,000 mt of hot dip galvanized products.
As per local media, the deal was finalized after several months of negotiations.
The new plant is expected to diversify Network Steel’s galvanized product capacity and strengthen its geographical sales areas. The acquisition also saved 120 jobs at the plant.
Network Steel indicated in a brief note that the deal was part of its business expansion strategy, however, it did not comment on the financial terms of the deal.
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The Spanish government and trade union representatives have also confirmed the sale.
