Thyssenkrupp Sticking with Controversial CEO Lopez, Spinning Off Marine Division
Thyssenkrupp maintains grip on Lopez and Green Steel endeavors.
Hold on tight, 'cause it's a wild ride with Thyssenkrupp! They've made some bold moves that'll have you talking. First off, Ol' Lopez, their beleaguered CEO, ain't goin' nowhere! Yup, their board's decided to keep him on til 2031, despite the controversy he's stirred up.
Now, if employees are grumbling, shareholders seem pretty pleased. And Jürgen Kerner, IG Metall's vice-president and the supervisory board's dear deputy, didn't even vote for the contract extension. Harsh, Jürgen, real harsh!
On a more thrilling note, the marine division's about to split off. The spin-off plan includes listing a 49% stake on the Frankfurt Stock Exchange, with the anticipation of going public by year's end. Keep your eyes peeled for TKMS, the marine business's snazzy new name.
But wait, it ain't just about the marine division. Thyssenkrupp's aiming for greener steel, just like Salzgitter and the steel holding company SHS. But their green steel project in Duisburg's runnin' on fumes—at the edge of economic viability, according to a spokesperson.
Now, let's take a look at some other iron players. ArcelorMittal, the international conglomerate, just dropped its plans for coal-free steel production in Bremen and Eisenhüttenstadt. The reason? Yeah, you guessed it—economic viability. They're forfeiting 1.3 billion euros in funding for this decision.
And you know what that means for the steel industry? It needs to get its act together. Federal Minister of Economics Katherina Reiche believes energy costs need to come down, and there's negotiating with China for cheaper steel on the table. Plus, she thinks the transition to green steel is a long, expensive road.
Speaking of expensive, Thyssenkrupp and Salzgitter are investing billions in green steel production. It'll be a costly journey, but they're determined to push through.
Sources: ntv.de, jwu/rts/dpa
- ThyssenKrupp
- Steel industry
- MDax company
- Stock market listings
In light of ThyssenKrupp's decision to spin off their marine division and list a 49% stake on the Frankfurt Stock Exchange, there might be an opportunity for investors to support a growing business. As part of their broader strategy, ThyssenKrupp is also focusing on vocational training and community policy, aiming to ensure a sustainable workforce within the steel industry. However, the financial implications, particularly the costs associated with the transition to greener steel production, remain a concern for both ThyssenKrupp and competing steel companies.
