Germany's Scholz not ruling out Berlin taking stake in Thyssenkrupp steel

7/12/2024 18:50

German Chancellor Olaf Scholz is not ruling out Berlin potentially taking a stake in the steel business of conglomerate Thyssenkrupp, he told a German newspaper.



He told Funke Media Group when asked whether such a move was possible, "I'm not taking any option off the table now," adding the German government had repeatedly invested to temporarily support stricken companies, mentioning Lufthansa, Uniper, and the Meyer shipyards as recent examples.



"Our involvement is temporary and is intended to help companies overcome hard times so that potential investments do not fail due to a lack of equity."



Scholz said he would meet with top representatives of Germany's ailing steel sector on Monday to discuss how to tackle high energy prices, cheap Asian competition and a slowing shift to decarbonisation.



Thyssenkrupp earlier this year sold a 20% stake in its steel business to Czech billionaire Daniel Kretinsky, with talks to sell a further 30% ongoing.