Salzgitter AG announced today that it has terminated takeover talks with the consortium of GP Günter Papenburg AG and TSR Recycling GmbH & Co. KG. This decision was taken due to differences of opinion regarding the current and future value of Salzgitter AG.
CEO Gunnar Groebler stated that Salzgitter AG has decided to continue the transformation process as an independent company. The company aims to achieve carbon-neutral steel production by 2033 with the hydrogen-based steelmaking technology called SALCOS®. An investment of approximately EUR 2.3 billion is planned for this transformation in the first phase.
In addition, the company aims to reduce costs and increase competitiveness within the scope of the P28 performance program. With a target of EUR 500 million in savings, the program has been expanded and by the end of 2024 savings of around EUR 130 million had been achieved.
With a strong defense business unit and expertise in manufacturing pipelines for transporting natural gas, hydrogen and CO2, Salzgitter AG is also laying a solid foundation for future infrastructure projects.
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