Thyssenkrupp’s Steel Deal with Czech Billionaire Kretinsky Faces Uncertainty

The planned acquisition of a 20% stake in Thyssenkrupp’s steel business by the holding company of Czech billionaire Daniel Kretinsky may be scrapped if discussions on deeper collaboration do not succeed. Thyssenkrupp CEO Miguel Lopez revealed this possibility during the company’s annual shareholders’ meeting.

Lopez explained that a contingency agreement is in place, allowing both parties to withdraw their investments if they fail to reach an agreement on establishing joint ownership (50/50) of the steel division.

In January 2025, Kretinsky’s investment firm reaffirmed its interest in Thyssenkrupp Steel. An EPCG spokesperson told Rheinische Post that the company was willing to increase its stake, provided a mutual understanding was reached with Thyssenkrupp and trade unions regarding the future strategic direction of the business.

Thyssenkrupp had previously completed the sale of a 20% stake in its steel division to Czech energy group EP Corporate Group (EPCG) in July 2024. The deal had received approval from the company’s supervisory board and all relevant regulatory authorities.

In November 2024, the management of Thyssenkrupp’s steel division outlined key aspects of its restructuring plan. The strategy included a reduction in production capacity, the elimination of 5,000 jobs, and the outsourcing of an additional 6,000 positions.

Meanwhile, Thyssenkrupp’s CFO, Jens Schulte, stated that clarity regarding the joint venture’s future would not emerge until 2025. He noted that the first step would be to finalize a new business plan for the steel division, expected to be ready by spring. This plan would serve as the foundation for negotiations on increasing Kretinsky’s stake in the company.

Schulte also indicated that EPCG might ultimately decide to retain its existing stake. However, he emphasized that even if the Czech investor fully exits the deal, Thyssenkrupp remains committed to spinning off its steel business—either independently or by reopening discussions with other potential industrial partners.

With uncertainties looming over the joint venture, Thyssenkrupp appears prepared to explore multiple pathways to reshape its steel operations.

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