EP Group to acquire a 20% stake in thyssenkrupp’s steel business.

EP Group, a holding company, agreed to acquire a 20% stake in German industrial engineering and steel production conglomerate thyssenkrupp’s steel business. Financial terms were not disclosed. In addition, the parties are discussing the acquisition of a further 30 percent of the steel business by EPCG. The aim is to form an equal 50/50 joint venture. “Reaching an agreement on the acquisition of the 20 percent share in thyssenkrupp Steel Europe is an initial step on the envisaged path that shall eventually lead towards a bigger leap in the planned strategic partnership. EPCG has successfully navigated dynamic market conditions in the energy sector, while remaining financially strong, growing, and a reliable provider of energy and services to our clients. On this basis, we are convinced that this Joint Venture concept will establish a more resilient position for thyssenkrupp Steel. As the entire European steel sector will undergo a similar transformation to the energy sector. We pay great respect to thyssenkrupp Steel as one of the traditional pillars of the German economy and feel honored to join forces in the landmark transformation process to shape a sustainable future. Together, we will make an important contribution to the decarbonization of the steel industry," Daniel Kretinsky, EP Group CEO.