Thyssenkrupp has sold its Galmed plant in Sagunto, Valencia, to Spanish coil processing company Network Steel. The facility, which can produce 450,000 tonnes of hot-dip galvanized coil annually, primarily serves the automotive sector.
The sale was confirmed by Spanish government and trade union representatives, who assured that employment and working conditions would be maintained. The German steelmaker had closed the facility in November 2023 due to a downturn in the European automobile market. Network Steel has indicated plans to grow its business but has not disclosed the financial terms of the deal.