BERLIN, Nov. 22 (Xinhua) -- Germany's Thyssenkrupp is in talks over a joint venture (JV) between its steel division and Czech energy company EPH, the industrial group said on Wednesday when announcing its 2023 financial results.
EPH will contribute its energy expertise to the green transformation of Thyssenkrupp's Steel Europe division, the latter said. However, negotiations over the specific structure of the potential JV are ongoing.
"We are positioning Thyssenkrupp as an enabler of the green transformation, thereby supporting the transformation of many industries worldwide," Miguel Lopez, chief executive officer of Thyssenkrupp, said in a statement.
Since September, there have been media reports saying that EPH is seeking to acquire a 50 percent stake in Thyssenkrupp Steel Europe. The Czech company is well-known in Germany as its majority shareholder Daniel Kretinsky also owns the German lignite company LEAG and holds shares in the retail company Metro.
In the fiscal year 2022/23, Thyssenkrupp recorded a net loss of 2 billion euros (2.18 billion U.S. dollars), mainly due to write-downs in the steel business. In the previous year, the company made a profit of 1.2 billion euros.
"The figures show that we have made progress with the transformation of Thyssenkrupp, despite the difficult environment, but also that we must continue to work hard at raising the performance of our businesses," said Lopez.
In the current business year, Thyssenkrupp aims to return to the profit zone, expecting a net profit in the low to mid three-digit million euro range. (1 euro = 1.09 U.S. dollar)
