MOL and Sev.en Energy offered half of expected price for U.S. Steel Košice

Hungarian MOL and Czech Sev.en Energy (Pavel Tykač) offered €800m each for the Košice steel mill U.S. Steel, while the Americans expect a price of €1.5bn, HN sources claim. All three companies declined to comment. U.S. Steel confirms only that it is seeking partners to achieve its ambitious goal of carbon neutrality by 2050. Last year, the Košice steel mill reported a net profit of €650m and a further $544m profit in the first half of this year. However, the bidders point to a potential recession in the EU, a war in Ukraine (source of raw materials), and the necessary €1bn investment in decarbonization. HN expects the talks to drag on for several more months.

(hnonline.sk)