GFG Alliance-backed Liberty Steel terminates the acquisition of Thyssenkrupp Steel Europe.

GFG Alliance-backed Liberty Steel, a steel manufacturing company, terminated the acquisition of Thyssenkrupp Steel Europe, a steel manufacturing unit of industrial giant Thyssenkrupp. Financial terms were not disclosed. Thyssenkrupp has broken off talks saying the parties were “far apart” in their plans for the beleaguered business. “We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart. We regret this step because we perceived Liberty Steel as a serious partner in the process," Klaus Keysberg, Thyssenkrupp CFO.