Thyssenkrupp is in talks to sell part of its business to a Czech billionaire

The agreement is expected to include the sale of 50% of the steel division to Daniel Kretynskyi

The German industrial company Thyssenkrupp is negotiating the sale of 50% of its steel division to the Czech billionaire Daniel Kretynskyi. This was reported by Reuters with reference to sources in the company.

Earlier this year, Thyssenkrupp renewed efforts to spin off its steel division, a plan previously put on hold by failed attempts to list, sell or find a merger partner for Europe’s second-largest steelmaker.

In June it became known that Kretynskyi was interested in the purchase of a share of the steel division of Thyssenkrupp. He is the owner of the holding company Energeticky a Prumyslovy Holding (EPH), one of the largest energy groups in Europe. According to him, EPH can act as a supplier of energy resources for Thyssenkrupp Steel.

Recently, the Handelsblatt agency reported for the first time that the share that the billionaire plans to acquire in the business of the steel company is 50%. The deal may take place by the end of this year. Thyssenkrupp and the potential buyer declined to comment on the intentions.

As GMK Center reported earlier, the German government plans to allocate ThyssenKrupp about €2 billion for the construction of a plant in Duisburg. €700 million of this amount will be provided by the German state of North Rhine-Westphalia, where the company’s headquarters are located. German Economy Minister Robert Habeck visited Essen and Duisburg to hold talks with ThyssenKrupp management and union representatives as the company fears Berlin will not support the steelmaker’s decarbonisation.