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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  SSAB    SSAB A   SE0000171100

SSAB

(SSAB A)
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Thyssenkrupp could open books to Liberty Steel in early December - sources

11/25/2020 | 09:05am EST
FILE PHOTO: Thyssenkrupp's logo is seen outside elevator test tower in Rottweil

By Arno Schuetze, Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp could give Britain's Liberty Steel access to the books of its steel unit as soon as next week, three people familiar with the matter said.

Liberty Steel, headed by metals tycoon Sanjeev Gupta, last month unveiled a non-binding indicative offer for Thyssenkrupp Steel Europe, which the embattled conglomerate has put up for sale to cut losses and stop cash outflow.

His hand was strengthened due to consolidation talks between Sweden's SSAB and Tata Steel that could result in a deal and potentially leave Liberty Steel as the sole bidder for Thyssenkrupp Steel Europe.

Thyssenkrupp declined to comment.

The company said last week it aims to make a decision on whether to sell or keep its steel unit by March.

A successful bid would cut Liberty Steel's reliance on up to 3 million tonnes of slab and hot rolled coil it needs to buy each year to feed its manufacturing lines. Thyssenkrupp's Duisburg plant, in turn, would be better utilised.

A takeover is also expected to raise less antitrust scrutiny than a previously failed tie-up between Thyssenkrupp and Tata Steel, according to Jefferies analysts, as both groups have limited overlap in their product portfolio and geographies.

"For steel makers looking to consolidate it may be easier to do deals if two companies have complementary portfolios rather than overlapping products," said Andrew Zoryk, metals leader at Deloitte.

While Thyssenkrupp is strong in automotive and packaging steel - two major concerns when Brussels vetoed the Thyssenkrupp-Tata Steel deal - Liberty Steel is mostly active in construction and industrial manufacturing.

Gupta's bid has drawn resistance from members of the IG Metall labour union. He has said transformation processes would always happen "with the full engagement of our employees and their representatives, never against them".

(Editing by Thomas Seythal, Emma Thomasson and Bernadette Baum)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
SSAB -2.10% 30.75 Delayed Quote.4.95%
TATA STEEL LIMITED -0.08% 705.55 End-of-day quote.9.63%
THYSSENKRUPP AG -2.25% 9.228 Delayed Quote.13.59%
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Financials
Sales 2020 64 281 M 7 650 M 7 650 M
Net income 2020 -1 064 M -127 M -127 M
Net Debt 2020 10 834 M 1 289 M 1 289 M
P/E ratio 2020 -30,7x
Yield 2020 1,26%
Capitalization 28 772 M 3 436 M 3 424 M
EV / Sales 2020 0,62x
EV / Sales 2021 0,53x
Nbr of Employees 13 617
Free-Float 81,1%
Chart SSAB
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SSAB Technical Analysis Chart | MarketScreener
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Technical analysis trends SSAB
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 32,12 SEK
Last Close Price 30,75 SEK
Spread / Highest target 26,8%
Spread / Average Target 4,47%
Spread / Lowest Target -12,2%
EPS Revisions
Managers and Directors
NameTitle
Erik Martin Lindqvist President, Chief Executive Officer & Director
Bengt David Harry Kjell Chairman
Håkan Victor Folin Chief Financial Officer & Executive Vice President
Martin Pei Chief Technology Officer & Executive VP
Eva Petursson Executive Vice President-Research & Innovation
Sector and Competitors
1st jan.Capitalization (M$)
SSAB4.95%3 436
ARCELORMITTAL4.39%25 197
POSCO1.10%19 563
NUCOR4.29%16 748
NIPPON STEEL CORPORATION4.59%12 322
TATA STEEL LIMITED9.63%11 150