In a statement, LIBERTY said the non-binding indicative offer for the business is supported by a number of financial institutions. 

“LIBERTY Steel is convinced that a combination with thyssenkrupp Steel Europe can be the right answer from an economic, social and environmental perspective,” the company said. 

“From an economic perspective, there is potential for a compelling industrial concept given that the businesses are complementary with respect to assets, product lines, customers, and geographic footprint,” it added. 

The company said it would welcome the opportunity to "intensify the dialogue with thyssenkrupp" and would like to engage in further due diligence to present a potential binding offer.