For Thyssenkrupp, the deal marks what it hopes will result in a balance sheet separation from a cyclical and struggling business it has been trying to sell, spin off or merge for years
Thyssenkrupp will sell a 20 per cent stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.
However, cheaper Asian competitors, high power prices and a cooling global economy have put pressure on the business, leading to operating losses in four of the past five years. EPCG, which made core profit of €7.3-billion last year, has been shutting its coal-fired plants and investing heavily into hydrogen-ready new gas-fired plants, with 2.4 GW currently under construction at three sites in Italy and Britain.
“Our goal is a future concept that leads to economic independence and business success for Thyssenkrupp Steel, meets the requirements of climate protection, avoids compulsory redundancies and is widely accepted,” Thyssenkrupp CEO Miguel Lopez said. The German industrial conglomerate recently announced it will cut jobs and reduce capacity at its main Duisburg site, which was a sticking point in talks with Kretinsky and has sparked criticism from the German government.
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