It was announced today, Friday, that the Czech billionaire Daniel Kretinsky will enter the steel division. His holding EPCG will initially take over 20 percent of the Thyssenkrupp Steel Europe division. Nothing was known regarding the terms of the transaction.
Completion is planned for this year’s financial year, which runs until the end of September. The authorities and the Thyssenkrupp supervisory board still have to agree. Negotiations are also underway to take over a further 30 percent of the steel business. The aim is to form a joint venture in which both partners each hold half.
Billions in write-offs
The negotiations became known at the end of November: Thyssenkrupp CEO Miguel Lopez hopes this will provide a solution to the expected higher energy costs in connection with the conversion to less climate-damaging production. Last year, billions had to be written off on the steel business due to weak demand, lower prices and high costs.
