The sale, which was approved by Thyssenkrupp AG's supervisory board and other authorities, is seen as an important step in line with the company's long-term strategic plans. Miguel Lopez, CEO of Thyssenkrupp AG, commented that EPCG's investment in the company will play a critical role in achieving its goal of independent and environmentally friendly steel production.
The parties are also discussing the possibility of EPCG acquiring an additional 30% stake in Thyssenkrupp Steel Europe, for a total of 50% ownership. This potential joint venture aims to increase Thyssenkrupp's efficiency and competitiveness in steel production.
The company is undergoing a major restructuring to cope with the challenges of low demand and high costs in the global steel market. Rising energy costs and cheap imports from Asia are among the factors complicating this process. In this context, Thyssenkrupp's goals of reducing carbon emissions and transitioning to green steel production are at the center of the company's future strategies.
Thyssenkrupp Steel Europe plans to replace its existing blast furnace in Duisburg with a new green steel plant based on direct recovery. In this context, the first overdue bids are expected to be submitted later this month. The conversion will enable the company to shift to more environmentally friendly and sustainable methods in its production processes.
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