Thyssenkrupp's Galmed plant in Sagunto, Valencia, Spain, has been sold to the coil processing company Network Steel.

The current employment and working conditions will be maintained while awaiting industrial plans for the next years. Although neither Thyssenkrupp nor Network Steel commented on the details of the transaction, the Spanish government and union representatives have confirmed the acquisition.

The Galmed plant can produce 350,000 tons of hot-dip galvanized coils per year, with sales targeting mainly the domestic market and the automotive industry.