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ThyssenKrupp Pulls Out of Classic Steel, Goes for 'Green Steel'

April 30, 2024 (EIRNS)—The management of the German industrial group ThyssenKrupp is committed to transform its ailing steel-producing sector into a so-called “green steel” venture, on the basis that eliminating coal from the steel production process will reduce carbon dioxide emissions.

To that purpose, a strategic partnership has been concluded with the company EPCG, owned by Czech billionaire Daniel Kretinsky, which provides for the sale of part of ThyssenKrupp’s steel business. The initial plan is for EPCG to acquire 20% of the shares in ThyssenKrupp’s steel business for €350-400 million. In addition, there are talks “about the acquisition of a further 30% of the shares in the steel business by EPCG,” said ThyssenKrupp. The aim is “the formation of an equal 50/50 joint venture.”

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