Klöckner boards remain neutral on Worthington Steel delisting offer
The management and supervisory boards of German steel distributor Klöckner & Co have declined to recommend that shareholders either accept or reject Worthington Steel’s €11.00-per-share delisting acquisition offer, the company said.
Following separate reviews of the offer document, both boards concluded that the proposed delisting is in Klöckner’s best interests. They said closer integration with Worthington Steel should simplify the companies’ structures, provide greater strategic flexibility and support growth in Europe and North America, particularly in higher-value-added products and services.
Worthington Steel is making the offer through its wholly owned subsidiary Worthington Steel GmbH. It already controls approximately 62% of Klöckner’s shares.
The offer is not subject to any completion conditions and can proceed regardless of the acceptance level. Klöckner intends to apply for the revocation of its Frankfurt Stock Exchange listing no later than seven business days before the acceptance period ends. The delisting is therefore expected to become effective immediately after the period expires.
Klöckner warned that shareholders retaining their shares will probably face significantly reduced liquidity after the delisting. The shares will cease trading on the regulated Prime Standard market in Frankfurt, while several transparency and disclosure requirements will no longer apply.
Worthington Steel also announced in March that it intends to conclude a domination and profit-and-loss transfer agreement with Klöckner. The cash compensation available to minority shareholders under any such agreement has not yet been determined and could be above or below the current offer price, Klöckner noted.
The offer acceptance period is scheduled to close at midnight Frankfurt time on 12 August 2026.
Source: kloeckner.com
EU HRC market about to go on holiday, but buyers still restock with import coils, slab
The European HRC market is about to enter the holiday lull and, while domestic demand has been almost completely silent, some import activity has still been seen for both slab and HRC.
A 30,000 mt HRC deal was closed to southern Europe from Turkey at $570/mt FOB or around €565-570/mt CFR including tax. Another buyer in Europe is reported to have booked from Turkey at $575-580/mt FOB. In addition, 25,000 mt have been sold to Spain at €745/mt DDP from Japan, which is considered high. “Japan is first class material. They don’t apply extras for S275jr… customers in Bilbao only buy on DDP basis, some customers in Tarragona or Sagunto can buy on CFR basis… and take care of CBAM as well as risks with the duty,” a trader told SteelOrbis.
In addition, sources reported Egypt has been offering at $725/mt DDP including CBAM this week, while Taiwan has been offering at €720/mt DDP. The latest prices from India have been reported at $640-650/mt CFR following earlier reported deals closed at $630-650/mt CFR.
Local HRC offers across Europe have remained stable due to the lack of trade, with most players expecting a revival closer to early September. In Italy, the realistic level is at €700/mt ex-works, while producers intend to reopen sales after the holidays at minimum levels of €710-720/mt ex-works. Up north, prices are at €705-715/mt ex-works, around the same levels as reported in Spain. The highest targeted levels in Europe are at up to €730-750/mt ex-works, but they are not considered workable for the time being. In addition, sources reported that plate prices in Italy have fallen to €690-700/mt ex-works, falling below HRC prices. “HRC is up due to the quota-related deficit, but in plate the situation is different. [With such a price difference] the price for slab at $570-580/mt CFR is not workable. In my opinion, it should be $540-560/mt CFR,” a source told SteelOrbis.
In the slab segment, an Italian mill, according to sources, has recently booked a full cargo of Indonesian slabs at $470/mt FOB or around $540-545/mt CFR for HRC semis. Offers from Vietnam stand at $540-545/mt CFR, while China has been offering plate material at $570-590/mt CFR. Turkey was offering slab at $560-560/mt CFR, while Algeria, according to sources, was indicatively offering at $490-500/mt FOB, with around $30-40/mt freight estimated for medium lots.
Author: SteelOrbis Editorial Team
