The Krupp Foundation, the largest shareholder of Thyssenkrupp AG, supported in principle the separation of thyssenkrupp Steel's steel division into a separate company.
The Essen-based foundation connects Thyssenkrupp with the company's historical roots in the Ruhr region. Previously, he owned more than 25% of the shares, now his share is 21%.
In an interview, Ursula Gater, Chairman of the foundation, expressed support for Thyssenkrupp AG's plans to make tk Steel an independent company. Options include a partial placement of shares on the stock exchange or the sale of a stake. The parent company intends to retain 50% of tk Steel.
"I think now is the right time for such a step," Gater said in an interview with the Westdeutsche Allgemeine Zeitung (WAZ) newspaper.
According to her, the restructuring of the steel division has progressed, the sale of a 50% stake in Salzgitter to Hüttenwerke Krupp-Mannesmann (HKM) has been completed, and European steel producers are now protected by EU import restrictions.
"We need to take advantage of this favorable dynamic," the newspaper quoted Gater as saying.
The fund's support alone will probably not be enough to advance the allocation of tk Steel. Previous attempts by the parent company to sell the business or find a partner, including Tata and Jindal, were unsuccessful. The prospects for the steel distribution division of tk accelis look relatively good, while the future of tk Steel remains much less certain.
The Fund usually does not interfere in Thyssenkrupp's operational and management decisions and may not appear in public for a long time. Therefore, Gater's rare interview can be regarded as a sign of confidence in the process of separating the steel business.
Author: Christian Kehl, Germany