Talks between Salzgitter and thyssenkrupp about their respective participation in Duisburg mill Hüttenwerke Krupp-Mannesmann (HKM) continue amid tensions, thyssenkrupp chief executive Miguel López told journalists during the group’s annual press conference on Tuesday.
The principal positions appear clear in so far that thyssenkrupp Steel wants to pull out of HKM, while Salzgitter could potentially become the sole owner. A critical point of contention seems to be a lawsuit brought by Salzgitter against thyssenkrupp currently at an arbitration court. The procedure was revealed by a journalist and not denied by López, who however refused to comment on or explain the case, which reportedly concerns a claim of around €1.6 billion ($1.9 billion).
“Legal procedures are certainly not helpful along the way” as thyssenkrupp is interested in advancing the talks towards a solution, he said during the conference monitored by Kallanish.
HKM is owned by thyssenkrupp Steel for a 50% stake, Salzgitter at 30%, and Vallourec at 20%. The French group has been meaning to withdraw for some years, but a solution between the three owners is yet to be found.
In the case that thyssenkrupp transfers its stake to Salzgitter, it would not end its commitment immediately, but participate in restructuring measures. To that purpose, it has built up reserves in the lower three-digit million range, executives said.
Author: Christian Koehl Germany
