Thyssenkrupp’s CEO Confirms Plans to Close Steel Plant in Duisburg, Germany
Thyssenkrupp’s CEO, Miguel López, has reaffirmed the company’s plans to close the steel plant, Krupp Mannesmann (HKM), in Duisburg, Germany, if a buyer cannot be found for the facility, which employs around 3,000 people.
“A sale of the HKM is absolutely favored by us. We have, however, always made it clear: if a sale does not succeed, we will have to close the plant” López said in an interview with the Westdeutsche Allgemeine Zeitung (WAZ).
The hopes of saving the plant through an investment by the Hamburg-based CE Capital had been dashed just a few days earlier. The potential buyer had ended the talks over the acquisition of HKM, Thyssenkrupp Steel announced. “We are very sorry that the potential investor has ended the talks over a potential entry at HKM” López said in the WAZ interview.
When asked if Thyssenkrupp Steel could absorb the HKM employees in the event of a plant closure, López said, “From a fundamental point of view, this will be difficult. We will, however, have a very intense dialogue with the employee representatives and search for suitable solutions.”
Thyssenkrupp is pushing forward with plans for the initial public offering (IPO) of its marine division. “We want to complete the IPO in the calendar year 2025. We are preparing an extraordinary general meeting for this purpose” López said. “We want to issue marine shares that our shareholders can directly book into their portfolios. It is clear that Thyssenkrupp will retain the majority, at least 51 percent.”
Regarding the marine business, which includes the construction of non-nuclear submarines, López told the WAZ, “This is a fantastic story.” Thyssenkrupp is the global market leader in this field, with its order books full, López said. The company is in regular talks with the German government about the future of its marine division, which López described as “not only an important step for us, but also strategically relevant for the Federal Republic of Germany with a view to potential cooperation in the European defense sector.