Salzgitter AG Acquires HKM
07/09/2026 - Salzgitter AG announced it has acquired Hüttenwerke Krupp Mannesmann (HKM) after thyssenkrupp Steel Europe and Vallourec announced they will withdraw from the joint venture.
Negotiations between Salzgitter AG and thyssenkrupp began in early February and commenced after signing on 8 July. Salzgitter AG said it wants to invest in an electric arc furnace in Duisburg, with the intention to reduce CO2 emissions by 90% over the long term.
"With the acquisition of the shares held by our former co-shareholders, we are now in full responsibility at a historic steel industry site, which we aim to guide toward a sustainable future through a consistent focus on the green transition,” said Gunnar Groebler, chief executive officer of Salzgitter AG.
They also intend to reduce employment from 3,000 to 1,000 jobs at HKM. HKM’s supply contract with thyssenkrupp Steel will expire at the end of 2028 instead of 2032 as previously planned.
"This is a difficult but necessary step. The imminent changes will be implemented in a responsible manner and, as a matter of principle, in a way that is socially compatible. The transformation can only succeed if employees and managers work together,” said Birgit Dietze, chief human resources officer at Salzgitter AG.
The companies made nondisclosure agreements for the specific details of the agreement.
"With the acquisition of the shares held by our former co-shareholders, we are now in full responsibility at a historic steel industry site, which we aim to guide toward a sustainable future through a consistent focus on the green transition,” said Gunnar Groebler, chief executive officer of Salzgitter AG.
They also intend to reduce employment from 3,000 to 1,000 jobs at HKM. HKM’s supply contract with thyssenkrupp Steel will expire at the end of 2028 instead of 2032 as previously planned.
"This is a difficult but necessary step. The imminent changes will be implemented in a responsible manner and, as a matter of principle, in a way that is socially compatible. The transformation can only succeed if employees and managers work together,” said Birgit Dietze, chief human resources officer at Salzgitter AG.
The companies made nondisclosure agreements for the specific details of the agreement.
