Salzgitter and Thyssenkrupp are looking to sell their stake in Hüttenwerke Krupp-Mannesmann

German steelmaker Salzgitter has said it has no intention of fully buying and operating Hüttenwerke Krupp-Mannesmann (HKM), a joint venture between the company, Thyssenkrupp Steel and French pipe maker Vallourec in Duisburg. This is reported by SteelOrbis.

Salzgitter, according to a statement published on the Frankfurt Stock Exchange, intends to sell its stake in HKM.

Thyssenkrupp Steel, the largest shareholder in the joint venture, wants to sell its stake as part of a restructuring plan. The group is currently in talks with an unnamed investment company to sell HKM. However, the German steelmaker said that if the sale plan fails to materialize, the owners will work on another solution. As Miguel Lopez, CEO of Thyssenkrupp, stated, the main goal is to sell the company’s shares in HKM and thus provide jobs.

In March 2024 it was reported that two German shareholders of HKM – Thyssenkrupp Steel and Salzgitter – are negotiating with the third owner, Vallourec, on the transfer of its stake in the company. Salzgitter owns 30% of the plant’s shares, Thyssenkrupp Steel owns 50%, and Vallourec owns 20%.

Hüttenwerke Krupp-Mannesmann is an integrated steel mill that specializes in the production of slabs and pipe blanks.

As GMK Center reported earlier, in 2023 Vallourec closed the production of pipes in Germany. The company announced the decision to close the factories in Düsseldorf and Mühlheim in May 2022. Efforts to find an investor for these industrial facilities in 2022 were unsuccessful.