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".
Shareholders accuse Thyssenkrupp of labor reps complicating steel sales
Two days before the supervisory board was due to meet and discuss the progress, the shareholder representatives of Thyssenkrupp accused their union counterparts of complicating plans to sell the steel unit of the group. Thyssenkrupp Steel Europe's sale, which is tied closely to Germany's industrial history, has been fraught by difficulties. This is mainly because the unit requires billions of euro to invest to regain its competitiveness. In a statement issued jointly, the shareholder representatives of the supervisory board criticized the approach taken by the labour representatives to the negotiations.
Thyssenkrupp Nucera braces for delay in US hydrogen subsidy law
Thyssenkrupp nucera's CEO stated on Tuesday that it expects the law on which it relies to subsidise the green hydrogen industry to be delayed until the U.S. Presidential election. This will make it difficult to predict the future of projects in this nascent sector. After the Ukraine War and Germany's move away from Russian Gas, the country has concentrated on developing green hydrogen to replace it. The industry is relying on the tax credits provided by President Joe Biden’s Inflation Reduction Act. However, his administration has not yet provided any details to the outline.
Thyssenkrupp rejects steel unit's request for funding
Thyssenkrupp announced on Saturday that its steel division would need to be restructured in order to fund its investment needs from its own earnings. However, the parent company has provided financial security for two years. Thyssenkrupp's CEO, Miguel Lopez made the comments after the chairman of its steel division stated that the company needs to close a funding gap of 1.3 billion euros ($1.4 billion). Sigmar Gabriel, of Thyssenkrupp Europe (TKSE), made the comment about funding late Friday night after a meeting of the supervisory board. The parent company reduces its stake in this unit that is struggling with a decline in steel prices and demand.
Thyssenkrupp steel faces a $1.4 billion funding shortfall in its planned separation from parent
The supervisory board chair of Thyssenkrupp’s steel division said that the company needs an additional 1.3 billion euro ($1.4 billion) to cover costs beyond what its parent was willing to pay as part of a planned separation. Sigmar Gabriel said, after a supervisory meeting of Thyssenkrupp Europe (TKSE), that an external audit will be conducted to determine the unit’s restructuring and financing needs. He added that this could occur before the end of the year. Gabriel said that the board will reconvene to continue their discussions on August 29 and that Friday's meetings only marked a step in the separation of TKSE Thyssenkrupp AG.
ThyssenKrupp Develops New Lithium-Ion Batteries for Submarines
The providers of naval vessels, surface ships and submarines ThyssenKrupp Marine Systems of Germany has developed a new type of lithium-ion battery system for submarines together with Saft, a manufacturer of advanced battery systems for industry.In an adapted form, the system could also be used for other maritime applications in future.Dr. Rolf Wirtz, CEO of thyssenkrupp Marine Systems said: "The use of the new battery technology has enormous tactical advantages. We are entering a new era of submarine construction."Compared to the known lead-acid battery, maintenance is negligible, and the lifetime is much higher.
Norway's $1 Trillion Fund Curbs Holdings in Biggest CO2 Emitters
Norway's sovereign wealth fund has trimmed the proportion of its $1 trillion fortune that is invested in companies that emit the most greenhouse gas, a Reuters survey has shown. Environmental campaigners hope the move by the world's biggest state-owned investment fund signals the start of a trend for investors shifting their money away from activities blamed for climate change. The review of the top 150 corporate greenhouse gas emitters showed that the proportion of their emissions that can be ascribed to Norway, based on the percentage of market cap it owns in the firms, fell to 0.74 percent in 2016 from 0.78 percent in 2014.
German Industrial Plant Building Orders dip to 2004 Levels
German manufacturers of large industrial plants reported a 12-year low in new orders for 2016 as the weak oil price held back demand in the Middle East while Germany's move to renewable energy wiped out demand for conventional electricity generation. Orders booked by the Germany-based companies - which include Linde, Siemens and Thyssenkrupp - fell 3 percent to 18.9 billion euros ($20.6 billion), their lowest level since 2004, with foreign orders down 10 percent. "A number of mega-projects in Egypt and Russia ensured that export business did not contract further…
RWE Supervisory Board to See More Departures
More representatives on the supervisory board of German utility RWE are to step down at next year's annual shareholder meeting, potentially bringing the number of places on the 20 strong board to be filled at the elections next April, to at least six. RWE faces the worst crisis in its 117-year history, suffering from low wholesale power prices, a surge in renewable capacity, uncertainty over the size of provisions for the shutdown of its nuclear plants and embarrassing billing issues at British subsidiary npower. RWE Chairman Manfred Schneider…
German Set to Embark Renewable Energy Reform
The German government will give its blessing on Tuesday to a sweeping reform of renewable energy laws designed to slow cost increases as Europe's largest economy moves to nearly double its green power share to 45 percent by 2025. Chancellor Angela Merkel's cabinet will adopt reforms to put the 'Energiewende', or transition to renewable energy, on a sustainable path as Germany attempts to wean itself off of nuclear energy and fossil fuels without killing off industries and jobs. The reforms will slow the rapid expansion of green power…
Germans Push Renewable Energy Reform
The German government will give its blessing on Tuesday to a sweeping reform of renewable energy laws designed to slow cost increases as Europe's largest economy moves to nearly double its green power share to 45 percent by 2025. Chancellor Angela Merkel's cabinet will adopt reforms to put the 'Energiewende', or transition to renewable energy, on a sustainable path as Germany attempts to wean itself off of nuclear energy and fossil fuels without killing off industries and jobs. The reforms will slow the rapid expansion of green power…
GE Gas Turbine Powers German Navy Frigate
GE Marine reports that the German Navy’s Baden-Württemberg(F125-class) frigatewas christened in December 2013, powered by a GE LM2500 gas turbine-based propulsion system. The christening ceremony was held at ThyssenKrupp Marine Systems in Hamburg, Germany. According Dr. MTU Friedrichshafen, a GE Marine System Supplier, provided the ship’s propulsion module, which includes one LM2500 gas turbine, two electric motors and four diesel generator-sets in a combined diesel-electric and gas turbine (CODLAG) propulsion arrangement.
