"We have carefully evaluated Tata Steel IJmuiden and have concluded that an acquisition would be difficult for technical reasons.
We cannot be sufficiently certain that we could implement our industrial plan with the preferred technical solutions as quickly as we would wish. We cannot align Tata Steel IJmuiden with our sustainability strategy in the way desired,” said SSAB president and chief executive Martin Lindqvist.

“The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation. This means that overall, the transaction would not meet our financial expectations,” he added.