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[Ferro-Alloys.com]

 

Thyssenkrupp, a stalwart in the German industrial landscape, is navigating complex negotiations with Czech billionaire Daniel Kretinsky over a potential 50:50 joint venture for its steel business. This move signifies a pivotal step in Thyssenkrupp's decade-long quest to divest itself of a steel legacy intertwined with Germany's economic identity.

 

The company's struggles to merge, sell, or spin off the division have encountered repeated setbacks. Kretinsky's EPH, the energy arm of his investment empire, emerges as the last serious contender, granting him advantageous leverage in ongoing discussions.

 

Thyssenkrupp's urgency for a deal stems from the challenging landscape of the steel industry. Factors such as cost inflation, robust Asian competition, and the capital-intensive nature of the business contribute to the company's eagerness to offload the steel arm.

 

Thyssenkrupp Steel Europe, the focus of the negotiations, has grappled with operating losses in the past five years. However, with an investment of 3.2 billion euros ($3.5 billion), constituting 39% of total group investments, it remains a significant drain on the parent company's resources.

 

The heart of the matter lies in the financial commitment required. Insiders suggest that Thyssenkrupp Steel Europe could face negative equity without a cash infusion from its parent company, potentially resulting in liabilities surpassing assets.

 

Shares in Thyssenkrupp have experienced a dip following the news, with concerns about potential financial contributions deterring some investors. A key challenge is the 2.6 billion euros in steel-related pension liabilities, a stumbling block in negotiations with EPH.

 

While Thyssenkrupp's net financial assets stand at 4.3 billion euros, reinforcing the steel arm's balance sheet remains a challenge given other capital-intensive divisions, such as submarines and car parts. Additionally, Germany's budget crisis, stemming from a court ruling in November, poses a threat to investments in hydrogen fuel, crucial for reducing CO? in steel production. steelguru.com