Thyssenkrupp and Czech energy company EP Corporate Group have agreed that EP will take a 20% stake in thyssenkrupp’s steel business.
The parties agreed not to disclose any valuation of the transaction, which is expected to close in thyssenkrupp’s current fiscal year, meaning by 30 September. It is subject to approval from the relevant authorities and the supervisory board of thyssenkrupp AG.
The parties are discussing the transfer of a further 30% stake in tk Steel to EP. The aim, which has long been discussed between the two groups, is to form an equal 50/50 joint venture.
“The strategic partnership with EP is an important step that contributes to a resilient, cost-efficient and climate-friendly steel production at thyssenkrupp Steel – and thus also a significant contribution to safeguarding the future of the steel industry in Germany,” tk says.
During a conference call on Friday attended by Kallanish, thyssenkrupp chief executive Miguel López stressed that “we will now have a partner with ample experience in energy, which will be a competitive advantage.”
“Our goal is a future concept that leads to economic independence for thyssenkrupp Steel, that meets the requirements of climate protection, which avoids compulsory redundancies, and which is widely accepted,” he added.
Following its entry as a stakeholder in thyssenkrupp Steel, EP will take an active role in shaping and realigning the steelmaker.
Christian Koehl Germany
