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thyssenkrupp and EP Corporate Group Enter into Strategic Partnership
thyssenkrupp AG (Germany) and EP Corporate Group a.s. (consecutive EPCG) agreed end of April 2024 on EPCG’s acquisition of a stake in thyssenkrupp’s steel business. EPCG (Czech Republic) will acquire 20 % of thyssenkrupp’ steel business. The parties agreed not to disclose any valuation of the transaction. The transaction is expected to close in the current fiscal year of thyssenkrupp AG, subject to the approval of the relevant authorities and the Supervisory Board of thyssenkrupp AG. In addition, the parties are discussing the acquisition of a further 30 % of the steel business by EPCG. The aim is to form an equal 50/50 joint venture.
The strategic partnership with EPCG, a leading European energy company, is an important step that contributes to a resilient, cost-efficient and climate-friendly steel production at thyssenkrupp Steel – and thus also a significant contribution to safeguarding the future of the steel industry in Germany. The entry of the EPCG combines the leading materials know-how of thyssenkrupp Steel Europe with the energy expertise of EPCG.
“Our goal is a future concept that leads to economic independence and business success for thyssenkrupp Steel, meets the requirements of climate protection, avoids compulsory redundancies and is widely accepted. The cooperation with EPCG demonstrates the confidence of both partners in the successful future of our steel business,” said Miguel López, Chairman of the Executive Board of thyssenkrupp AG.
thyssenkrupp has already taken the first steps towards decarbonizing its steel production. In March 2024, construction work began on the first hydrogen-capable direct reduction plant with two smelters at the Duisburg site. thyssenkrupp Steel is investing around EUR 3 billion in the construction of the plant. The federal government and the state of North Rhine-Westphalia are supporting the total investment in the project with around EUR 2 billion. The project is regarded as a blueprint for the decarbonization of the industry and a changemaker in the European hydrogen economy landscape. The state-supported switch to hydrogen as the primary energy source for steel production will significantly increase the demand for green electricity in the coming years. Around 10 TWh of green electricity will be required annually for the first CO2-neutral direct reduction plant alone.
The reliable procurement of sufficient quantities of green electricity at competitive prices is critical to the success of the transformation of the steel industry. While the energy costs for the production of a slab of crude steel previously accounted for around 10 % of total costs, this figure will rise to up to 50 % in the future with CO2-neutral, hydrogen-based processes.
As a strategic partner of thyssenkrupp, EPCG will use its expertise to ensure a sufficient supply of energy in the form of hydrogen, green electricity as well as the provision of other energy commodities. As an energy producer, trader, supplier, and distributor, EPCG, which operates in nine European markets, has extensive industry knowledge. In 2023, EPCG’s energy assets together generated 72,5 TWh of net electricity, making EPCG one of Europe’s leading energy producers. EPCG currently has a generation capacity of around 22 GW of net installed capacity in Europe, contributing significantly to reliability of the European energy supply. At the same time, EPCG is taking significant steps in the field of renewable energy. In Germany alone, EPCG plans to expand its renewable energy generation capacity with over 8 GW to be built by 2030. The focus lies on wind, solar, and biomass. For example, construction has already begun on Germany’s largest floating solar plant on the Cottbuser Ostsee lake in Lusatia.
Additional quantities of green electricity, hydrogen, and initially also natural gas could be provided to the steel production in Duisburg via EPCG’s energy trading if required. There are also useful interfaces for both companies in project management and in the implementation of major green transformation projects. For example, EPCG is both operating and developing large energy storage solutions as well as hydrogen-ready gas-fired power plants in Germany to mitigate peak loads and maintain security of supply in the event of insufficient electricity production from wind and solar energy.
www.thyssenkrupp-steel.com