German steelmaker Thyssenkrupp has announced that its supervisory board has approved the sale of a 20 percent stake in its European subsidiary ThyssenKrupp Steel to Czech Republic-based energy company EP Corporate Group (EPCG). The transaction is expected to be completed in the current fiscal year.
The company had reached an agreement in principle with EPCG at the end of April, as SteelOrbis previously reported. “The strategic partnership with EPCG is a major step that contributes to a resilient, cost-efficient, and climate-friendly steel production at Thyssenkrupp Steel Europe,” the company stated.