thyssenkrupp

Tekin Nasikkol, until now group works council chief and chairman of the works council of the steel division, will move on December 1 into a management role as head of HR and labor director of the subsidiary Thyssenkrupp Electrical Steel. Nasikkol had long been one of the harshest critics of CEO Miguel López, but now supports the move into management. IG Metall and the company side welcomed the change; it comes at a time when Thyssenkrupp is restructuring the steel division and other units into independent companies and pushing ahead with a possible spin-off of the steel business. » More on faz.net

Thyssenkrupp Steel Europe now expects to bring the direct reduction plant for climate‑friendly steel into operation in 2029 instead of 2027; the company attributes the delay mainly to the engineering phase. The project costs around three billion euros, of which up to two billion euros are expected to be covered by state subsidies. At the same time, the slow development of the hydrogen market and higher hydrogen prices are slowing the plant's ramp-up, although construction work such as tower erection, foundations and switchgear buildings continues. » More on wiwo.de

Thyssenkrupp Steel Europe is getting federal and state subsidies totaling two billion euros for a direct reduction plant in Duisburg that is intended to replace blast furnaces with hydrogen-based pig iron production. The goal is to decarbonize steel production and stimulate demand for green hydrogen. Due to delays in ramping up the hydrogen supply, the plant will nevertheless be operated with natural gas for longer than planned, but the subsidy is still considered justified in the commentary. » More on sueddeutsche.de

Thyssenkrupp Steel Europe receives around €2 billion in funding to build a direct reduction plant in Duisburg that will replace blast furnaces and initially produce steel using natural gas, later switching to green hydrogen. Because the ramp-up of the hydrogen economy has been delayed, the EU Commission now allows the plant to operate longer than planned on natural gas without the company having to repay subsidies. Operation with natural gas already significantly reduces CO2 emissions; with hydrogen the production would be nearly emissions-free. » More on sueddeutsche.de

The new materials company TK Accelis started with gains but closed at €27.28, just below the Xetra opening price. The spin-off caused an apparent discount for thyssenkrupp of almost 17% to €12.19; adjusted for the Accelis stake the decline was around 8%. Shareholders received one Accelis share for every 20 thyssenkrupp shares. Jefferies had preliminarily valued TK Accelis at €2.6–4.8 billion, and CEO Miguel Lopez is pursuing the transformation of thyssenkrupp into a pure financial holding with further spin-offs. » More on finanzen.net