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UAE firm plans to bid for Thyssenkrupp steel stake 

Reuters/Thilo Schmuelgen
Emirates Steel Arkan is iemerging as the most serious contender to buy a stake in the Thyssenkrupp business

UAE-based Emirates Steel Arkan is planning a potential investment in German conglomerate Thyssenkrupp’s steel business and could bid for a minority stake in the coming months.

The company is emerging as the most serious contender to buy a stake in the Thyssenkrupp business, Bloomberg reported, citing informed sources.

The Abu Dhabi-listed firm would produce energy-intensive products using renewable power before shipping them to Germany, where Thyssenkrupp could shape them into finished products for the automotive industry, the report said.

India’s JSW Steel Ltd and buyout firm CVC Capital Partners have also expressed interest in the Thyssenkrupp steel business in recent months, Bloomberg said.

In February Emirates Steel Arkan, formed after the merger of Emirates Steel and Arkan Building Materials, in 2021, reported a Q4 2022 net profit of AED125 million ($34 million), while revenue reached AED2.3 billion.

The company made a net profit of AED508.45 million for 2022.

In August 2022, Emirates Steel Arkan was considering expanding into new markets in Asia and Africa, CEO Saeed Ghumran Al Remeithi told state-run WAM news agency.