Thyssenkrupp has written down its steel business by a further €1bn as Germany’s largest steelmaker warns of structurally lower demand from European industry as it struggles with the cost of decarbonisation. The Essen-based group on Tuesday revealed a full-year net loss of €1.4bn, attributing it mainly to the writedown — an improvement on the €2bn loss posted the year before, when the energy-intensive company still grappled with high gas prices. Sales slumped 7 per cent to €35bn.
Thyssenkrupp has said it will instead pursue an initial public offering, as rumours swirl of potential takeover interest by other groups, including family-owned Lürssen. Discussions over the future of the steel business are under way with Czech billionaire Daniel Křetínský, who this year bought 20 per cent of the steel division and has signalled an interest in lifting the stake to 50 per cent.