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FRANKFURT (Dow Jones) – In the struggle for the future of Thyssenkrupp’s steel business, NRW Economics Minister Andreas Pinkwart (FDP) has welcomed the takeover offer from British competitor Liberty Steel. “That is a useful basis for discussion,” he told the Frankfurter Allgemeine Zeitung. His first impression from an intensive conversation with Sanjeev Gupta, the company’s boss and owner, was positive. “He presented a well-founded concept that is very much driven by the transformation to green steel. It seems that Thyssenkrupp’s steel business and its plants elsewhere in Europe could complement each other well.”
Pinkwart ruled out direct participation by the state. The requirements for this are so high “that it is practically hardly an option”. The minister urged the newspaper to speed up the renovation and conversion to green steel. “Unfortunately, not everything has gone well at Thyssenkrupp in recent years, so the pressure to act is all the greater. The conversion to green steel will have to come much faster than many people think.”
Thyssenkrupp announced on Thursday that it would decide on the future of the steel business in the spring. Then the group will explain whether it will drive the business on its own or with a partner, said CEO Martina Merz.
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(END) Dow Jones Newswires
November 19, 2020 13:27 ET (18:27 GMT)