Salzgitter CEO: Germany's Salzgitter has at least 50% of its gas hedged as the Iran war continues.
Salzgitter's CEO said that the company had hedged against rising gas prices. The group has locked in over 50% of its costs for this year and the next, as the Middle East conflict continues to have a ripple effect on the energy markets. Gunnar Grbler said after the company?released its full-year results that they were "very well hedged" in the gas market through 2026, and to a certain extent 2027. He added that the hedge rates for power prices were even higher. Groebler noted that the company was suffering from major price hikes for the gas it purchases on the spot market.
EU urges green steel to be available in limited quantities as a fix for auto emissions
Buy expensive steel that is made using a new technology powered by green hydrogen, which barely exists? Under European Union plans, 'Europe's' automakers are facing this prospect, who are already under pressure due to the intensifying competition from 'China', as the bloc aims to boost its'steel' industry while still meeting environmental targets. The EU has changed its CO2 emission targets for new cars to 90% by 2035, from 100% earlier. This is a shift from the previous 100% target. EU WANT TO BOOST EUROPEAN STEAM SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to be introduced on March 4.
EU pushes for green steel, a scarce metal, to fix auto emissions
Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%. This was a shift from the earlier 100% target. EU WANT TO BOOST EUROPEAN STAINLESS SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to be introduced on March 4.
Salzgitter takes over HKM Steel joint venture to end conflict with Thyssenkrupp
Germany's Salzgitter announced on Friday that it would buy out all the shareholders of the steel joint venture HKM, becoming the sole owner of the company by mid-2026. This could end a dispute between Thyssenkrupp and Salzgitter over the future of this ailing business. It could be the solution to end years of uncertainty for the struggling company, which employs 3,000'staff. This could also be a way to remove a barrier in Thyssenkrupp’s ongoing discussions to sell TKSE India’s Jindal Steel International. The agreement is an important milestone...it puts Thyssenkrupp on a level keel for the future, said TKSE CEO Marie Jaroni.
Salzgitter sues Thyssenkrupp for HKM joint venture
A spokesperson for the company announced on Thursday that Salzgitter had filed an arbitration case against Thyssenkrupp in order to determine their future financial obligations regarding their steel joint venture HKM. Thyssenkrupp has said that it may need to close or sell HKM, the 50-30-20 joint-venture between Thyssenkrupp and Salzgitter, which employs 3,000 people. Tensions have arisen between the partners due to the uncertainty surrounding the future of a joint venture. Gunnar Groebler, the CEO of Salzgitter, told German newspaper WAZ that his company may be willing to continue HKM at a capacity of 2-2.5 mtonnes per year…
Thyssenkrupp nucera expects to receive orders worth up to $1 billion in the full year.
The German electrolysis equipment manufacturer?ThyssenkruppNucera?expects order intake between?350 million and 900 million euros? ($411million to $1.1billion) in the current financial year. The company's order intake was 348 million euro in the?past fiscal year. This reflects a more positive outlook despite regulatory challenges in the green hydrogen sector. The company cited its chlor-alkali division as a key driver, and said that it would help to offset the expected loss in the green hydrogen division. Thyssenkrupp, the majority owner of Thyssenkrupp, released most of its annual results in advance last month.
Spot prices rise on lower wind output
The European power prices for the day ahead of Friday increased on Thursday, as it is expected that a decline in wind power supply will have a "bullish" effect. LSEG analyst Xiulan he said that the signal for Germany is bullish based on a significant fall in wind supply. Imports are expected to continue throughout the day. LSEG data show that the German day-ahead contracts rose 25.9% at 0939 GMT to 117.05 Euros ($136.87 per megawatt hour). Data showed that the French equivalent of the position rose by 11%, to 83.50 Euros/MWh.
Thyssenkrupp's deputy chairman votes against the extension of CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against the extension of Miguel Lopez’s contract at a board of directors meeting on Friday. He said that Lopez had failed to deliver the turnaround promised of the steel division. Juergen Kerner's comments, made by one of Germany's leading labour representatives, are a significant escalation of the conflict between workers and management over the restructuring of the German conglomerate, particularly its steel division which the group had been trying to divest from for years.
Thyssenkrupp's deputy chairman votes against new CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against extending the contract of Miguel Lopez on Friday. He said he hadn’t delivered the turnaround promised of the steel division. Juergen Kerner's comments, made by one of Germany's leading labour representatives, are a significant escalation of the conflict between workers and management over the restructuring of the German conglomerate, notably the iconic steel division that the group has been trying to divest from for years.
Thyssenkrupp separates automotive and materials trading units with latest overhaul
Thyssenkrupp announced on Monday that it will separate its automotive, materials-trading and green technologies divisions over the next few years. This is the latest restructuring effort by the German conglomerate. Thyssenkrupp announced that the move would open the three divisions up to external ownership. It added that it would still remain the majority owner of each business in any future setup. The company did not specify how the Automotive Technology and Materials Services would be prepared to go on the capital markets. Decarbon Technologies, an enterprise focusing on CO2 reduction will also become independently owned.
Thyssenkrupp Steel unit to terminate supply contract with HKM - union
The IG Metall union, which represents the largest German steelmaker T hyssenkrupp Steel Europe, announced on Thursday that it intends to end a contract of supply with HKM. This has fueled uncertainty about the future of this joint venture. HKM, a joint venture of TKSE, Salzgitter, and Vallourec that is a 50-30-20, faces closure following a recent failure to find a buyer. This would be a huge blow for the approximately 3,000 employees. The union stated in a document seen by that TKSE supervisory board would meet on Friday. HKM workers will also protest at TKSE headquarters the same day.
Thyssenkrupp CEO: We can't guarantee that the $3.3 billion green steel plant will be cost-effective.
The CEO of Thyssenkrupp said that a planned 3 billion-euro ($3.3billion) Thyssenkrupp site in Duisburg, which is to produce carbon-neutral metals, could be left stranded without Germany ensuring there's enough green hydrogen to provide it. This project is not just about pushing the limits of technological feasibility. We are also operating at the limit of economic viability. "Or, as it stands today: beyond that," Miguel Lopez said. The comments cast doubts on the single largest investment of the company and reflect a more sobering evaluation around hydrogen supply in Europe’s top economy. Hydrogen was once considered a viable alternative energy source.
Talks between Thyssenkrupp and HKM, a potential investor in the steel JV, have broken down.
Thyssenkrupp said on Friday that investor CE Capital had broken off discussions about a possible purchase of the HKM Steel joint venture. This raises the risk of closing the asset and its approximately 3,000 employees. We regret this. "It was and remains our main objective to sell shares in HKM to give the company, and its employees, prospects for the future," Thyssenkrupp Europe (TKSE), said in a press release. We are always open to discussion and other buyers. After CE Capital Partners ended the talks, we will evaluate the situation in conjunction with our shareholders.
Sources say that Kretinsky EPH is among the suitors who have approached Uniper about its EPH.
Three people with knowledge of the matter claim that Berlin has approached Daniel Kretinsky, a Czech billionaire, about buying German state-owned utility Uniper. Sources said that other funds approached included the New York-based fund Brookfield and Equinor, a Norwegian company. One source, who declined to identify themselves because the talks were confidential, said that the Czech energy holding company EPH is "participating in the process". Both EPH and Uniper declined to comment. The Finance Ministry which is responsible for Berlin's share had no immediate comments.
Thyssenkrupp's $3 billion green steel plan is not entirely dependent on hydrogen
Thyssenkrupp has said that a green steel plant worth 3 billion euros could still be built even if the government's ambitions of building a world-leading hydrogen industry fail. Friedrich Merz of the German opposition, who is expected to win next month's elections and become chancellor, said on Monday that a rapid shift to hydrogen would be unrealistic. The current SPD government, which split last year due to disagreements over funding and other issues, has tried to accelerate the decarbonisation in its industry. Hydrogen is a key component of this strategy.
ArcelorMittal delays planned green investments for EU
ArcelorMittal is the second largest steelmaker in the world. It announced on Friday that it was delaying green investments due to uncertainty over European Union regulations. ArcelorMittal received 850 million Euros ($885 million) from the French Government in January to support its 1.7 billion Euro decarbonisation programme in France through 2030 at its Dunkirk site and Fos-sur-Mer site. ArcelorMittal said on Friday that it had not yet made final investment decisions for these projects. This includes the replacement of 2 out of 3 blast furnaces at Dunkirk with green hydrogen-powered installations.
Thyssenkrupp: Nucera's operating performance in 2023/24 was better than expected
Thyssenkrupp Nucera, a hydrogen company, said on Monday that its operating performance for the full year was better than expected. It said lower margins due to investor caution in a sector affected by low energy prices had been offset partly by cost reductions. In its trading statement, which was released ahead of the full-year results to be announced, Thyssenkrupp, a German company, reported that earnings before interest and taxes (EBIT) were slightly higher than expected. Thyssenkrupp, along with other manufacturers of electrolysers, has been affected by investor hesitation over the uncertain regulation surrounding hydrogen.
Major Salzgitter shareholder mulls takeover bid
Salzgitter announced on Monday that its second-largest shareholder GP Gunter Papenburg is considering a possible takeover of the German Steelmaker with a partner. The offer is only valid if TSR Recycling and the two-party consortium reach a minimum of 45% of Salzgitter plus one share. Salzgitter has not disclosed the price of its offer. The news caused the shares of the Frankfurt-listed company to rise by nearly 26% as early as 1854 GMT. GP Gunter Papenburg holds 25,1% of Salzgitter. This is slightly less than the 26,5% held by Lower Saxony in Germany, where Salzgitter has its headquarters.
Germany's Thyssenkrupp reviewing green steel production plans
Thyssenkrupp, a German steel company, said that it will review its plans to produce green steel after a report Sunday suggested it might halt a major project of decarbonisation. The conglomerate, which is in crisis, said that it was reviewing its plan for its steel business, including the "green transformation", referring to carbon-neutral steel production, one of industrial processes most polluting. After the company's statement was released late Sunday, shares of Thyssenkrupp fell 3.2% by 0826 GMT. The German newspaper Handelsblatt…
Thyssenkrupp’s green steel plant, worth $3.3 billion, could become more expensive
Thyssenkrupp’s steel division said on Thursday that a direct reduction plant planned to produce carbon-free, steel could cost more than originally thought. The site is expected to cost approximately 3 billion euros ($3.3billion). Thyssenkrupp Steel Europe, Thyssenkrupp’s steel unit where Czech billionaire Daniel Kretinsky holds a 20% stake in the company, has said that it is currently assuming that the plant will start operating in 2027. TKSE stated that its management board informed its parent Thyssenkrupp "about potential risks and resulting cost increases in construction of the Direct Reduction Plant at the Duisburg Site".