Network Steel: Takeover of Galmed plant in Sagunto from Thyssenkrupp

The Spanish steel processor Network Steel (NS) has officially taken over the Galmed plant in Sagunto, Valencia, from the German steel group Thyssenkrupp. The plant, which produces 450,000 tonnes of hot-dip galvanised steel annually, mainly supplies the automotive industry.

While Thyssenkrupp did not comment, Network Steel confirmed the completion of the takeover without disclosing financial details. Both the Spanish government and trade unions welcomed the takeover and emphasised their active involvement in the process. Representatives of the CCOO trade union stated that the negotiations were successfully concluded in December and that existing jobs and working conditions should remain secure.

Spain's Minister of Industry, Marián Cano, emphasised the close cooperation between local authorities and the companies involved, which had made the handover possible. The plant had been shut down at the end of 2023 due to a decline in demand for galvanised steel in the European automotive industry. However, the takeover by Network Steel gives the site new prospects.

Photo: Fotolia