Thyssenkrupp Taking the Plunge: Marine Division's IPO and CEO Lopez's Extension
Thyssenkrupp maintains its hold on CEO Lopez and Green Steel division.
Let's dive into the latest developments at Thyssenkrupp, the industrial powerhouse!
After a tumultuous couple of years, Thyssenkrupp's supervisory board has made some major moves. On one hand, CEO Miguel Lopez's contract has been extended until 2031, despite facing criticism. On the other hand, the marine subsidiary is set for a spin-off, officially going public this year.
Lopez, who took the helm two years back, has been spearheading the company's restructuring, butting heads with employee representatives along the way. Although Jürgen Kerner, IG Metall vice-president and deputy chairman of the supervisory board, refrained from voting for the contract extension, the extension was approved nonetheless.
Meanwhile, the marine division, Thyssenkrupp Marine Systems (TKMS), is gearing up for a standalone existence. The spin-off involves distributing a 49% minority stake to shareholders, with an IPO later in 2025. TKMS is freshening up its identity, rebranding as "TKMS" with a new logo and claims aligning with its new independence.
In the steel business, Thyssenkrupp, like competitors Salzgitter and steel holding company SHS, is keen on green steel production. However, the project in Duisburg is on the brink of economic viability, a spokesperson admitted.
ArcelorMittal, another global player, has shelved plans for carbon-reduced steel production in Germany due to a lack of economic viability. The move led to the foregoing of 1.3 billion euros in funding for the project.
Germany's federal minister of economy, Katja Graf Reiche, responded by advocating for lower energy prices and improved competitiveness. She also emphasized the necessity of negotiations with international partners such as China and the importance of testing hydrogen laws in Germany.
Thyssenkrupp Steel Europe and the European Steel consortium (EPG) are collaborating on a 50/50 joint venture for green steel production, signifying Thyssenkrupp's commitment to a greener, more sustainable future.
References: ntv.de, jwu/rts/dpa
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- In light of ThyssenKrupp's upcoming IPO for the marine division, it might be beneficial for their community policy to include provisions for vocational training in the maritime industry, as the spin-off could potentially create new job opportunities.
- To ensure the financial stability and success of the newly independent ThyssenKrupp Marine Systems (TKMS), it would be prudent for the company to consider partnerships with businesses for continued vocational training in the maritime industry, fostering a skilled workforce that can contribute to TKMS' growth and competitiveness in the industry.
