After months of negotiations, Thyssenkrupp presented an agreement on Friday. Kretinsky’s EPCG holding will initially take over 20 percent of the Thyssenkrupp Steel Europe division, the company announced on Friday in Essen. It was agreed not to disclose the terms of the transaction.
- You might also be interested in: Which path the steel makers are taking [OÖNplus]
The deal is still planned for the current 2023/24 financial year (at the end of September), it said. The relevant authorities and Thyssenkrupp’s supervisory board still have to approve the transaction. Negotiations are also underway to take over a further 30 percent of the steel business. The aim is still to form a joint venture in which both partners each hold 50 percent.
Solution for higher energy costs
At the end of November, Thyssenkrupp made public negotiations with Kretinsky about his entry into the steel business. CEO Miguel López hopes this will provide a solution to the expected higher energy costs in connection with the conversion to less climate-damaging production.
In the last financial year, Thyssenkrupp had to write off billions on its steel business, which suffered from weak demand and lower prices coupled with higher costs. Thyssenkrupp recently announced the reduction of capacity at the Duisburg site, which will also lead to further job cuts.
My themes
For your saved topics were
new articles found.
info By clicking on the icon you can add the keyword to your topics.
info
By clicking on the icon you open your “my topics” page. They have of 15 keywords saved and would have to remove keywords.
info By clicking on the icon you can remove the keyword from your topics.
Add the topic to your topics.
Source: Nachrichten
