ThyseenKrupp to sell 20% steel business to Czech EPCG
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Update time : 2024-04-29 15:34:17
ThyseenKrupp announced that it will sell 20% of shares in steel business to EP Corporate Group (EPCG). EPCG is the investment company of Czech billionaire Daniel Kretinsky.
In addition, ThyssenKrupp said it discuss the acquisition of further 30% of stake, and target for a joint venture by equal 50 & 50%.
This German industrial conglomerate just announced earlier that it will slash production and cut jobs at its Duisburg site, which was a different point in talks with Krentinsky. It also caused critical reaction from the German government.
ThyssenKrupp tried to remodel its steel business due to weak demand and serious competition from cheaper Asian competitors.
