Buyer found for bankrupt Nedstaal, 200 jobs will be saved

A buyer has been found for Nedstaal, the last independent Dutch steel company which went bankrupt earlier this month.

The official receiver said on Friday Nedstaal will be taken over by the Andus Groep, the only potential buyer who wanted the entire company.

The deal means 200 of the 280 jobs at the 76-year-old steel maker will be saved. The company had been hit by the ongoing lack of demand for steel products in Europe, combined with overcapacity and fierce competition from China and North Korea.

According to its website, Andus is a holding company which is involved in the steel, oil and gas industries as well as shipping. It booked turnover of €220m last year and operates in the Netherlands, Belgium and Slovakia.

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