Thyssenkrupp Steel sees big funding gap in planned divorce from parent

The logo of German industrial conglomerate ThyssenKrupp Steel is pictured at the company headquarters in Duisburg, western Germany, on August 9, 2024. Thyssenkrupp employees stage on August 9, several protest actions against jobs cut and the reduction of the production in Germany. (Photo by INA FASSBENDER / AFP)

FRANKFURT: Thyssenkrupp’s steel division requires around €1.3bil or about US$1.4bil in additional funds beyond what its parent is prepared to pay in a planned separation process, the division’s supervisory board chairman says.

Sigmar Gabriel, who spoke after a supervisory board meeting of Thyssenkrupp Steel Europe (TKSE), said an external audit would now be carried out to determine the unit’s restructuring and funding needs, adding that this could happen before year-end.