Steel News

thyssenkrupp Joint Venture Sale Under Review

7/9/2024 - thyssenkrupp, Salzgitter and Vallourec are reviewing a sale of German joint venture Hüttenwerke Krupp-Mannesmann (HKM) after a potential buyer emerged, according to the Reuters news service.

thyssenkrupp owns 50% of HKM, the sale of which would be “a major step in the group’s efforts to restructure its steel business, ahead of a potential partial sale to Czech billionaire Daniel Kretinsky,” Reuters said.
“We confirm that we have been approached by an interested party for the acquisition of HKM,” thyssenkrupp said in a statement. The company also said a sales process was being reviewed with Salzgitter and Vallourec, which hold 30% and 20% in HKM, respectively.
According to Reuters, thyssenkrupp Steel Europe (TKSE)’s labor representative and deputy supervisory board chairman Detlef Wetzel told regional newspaper WAZ that investor CE Capital Partners had already presented its plans to parts of TKSE’s supervisory board. CE Capital Partners declined to comment.