Spanish Industry Minister Marián Cano said, "The Valencian government has been in dialogue with both companies from the very beginning, providing maximum support to make this operation possible."
Spanish government and union representatives confirmed that the sale process has been completed for this facility, which has a production capacity of 450,000 tons of hot-dip galvanized coils and primarily supplies materials to the automotive sector. While Thyssenkrupp has not yet responded to requests for comment, Network Steel issued a brief statement saying it had expanded its business volume but did not share any financial details of the agreement.
Workers' representatives have not yet met with Network Steel, but CCOO stated that an industrial plan is expected, which promises to maintain employment and working conditions. The CCOO union reported that Thyssenkrupp Galmed management informed them last week that negotiations had been successfully concluded and that the share transfer is expected to be completed by the end of December.
Meanwhile, German steel producer Thyssenkrupp had decided to close the Galmed facility in November 2023 due to a significant decline in the European automotive market and the resulting decrease in demand for galvanized steel in Spain and Southern Europe. The company comprehensively analyzed the profitability of the facility's ten production lines and announced that the closure of FBA9 had become economically necessary.
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