Thyssenkrupp to sell 20% stake in steel unit to Czech billionaire Daniel Kretinsky [Globe and Mail, The (Toronto, Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Globe and Mail, The
With a history of supplying steel for factories and railways stretching back more than 200 years, Thyssenkrupp Steel Europe is Germany's largest steel maker and tied to the country's rise as an industrial powerhouse. 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. The parties are in talks for Kretinsky to buy a further 30 per cent stake, aiming for a 50-50 joint venture at some point, Thyssenkrupp said on Friday, sending its shares up more than 10 per cent by 0900 GMT. The deal is centred around the idea that steel production will require cheap and green electricity going forward, areas where Kretinsky's holding EPCG can deliver with its 22 gigawatts (GW) of installed capacity across Europe. EPCG, which made core profit (EBITDA) of €7.3-billion ($7.8-billion) last year, has been shutting its coal-fired plants and investing heavily into hydrogen-rea
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