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Tuesday, October 20, 2020

Government Stake Is One Of Several Options – Thyssenkrupp CEO

DUESSELDORF: Thyssenkrupp will consider all options, including the government taking a stake, in its plans to fix its ailing steel unit, Chief Executive Martina Merz said.

“State participation is one option,” Merz said on Monday at an industry event.

“But state participation can also be part of other options. One could imagine a combination,” she said, adding a government stake could be the precursor to a takeover by a third party.

“What I want is a long-term solution for Thyssenkrupp.”

Last week Economy Minister Peter Altmaier had opposed the idea of the government taking a direct stake, instead favouring support payments to help the industry transition to hydrogen-based steel production.

Thyssenkrupp is also exploring tie-ups with India’s Tata Steel, Germany’s Salzgitter and Sweden’s SSAB, sources have told Reuters.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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