According to CEO Martina Merz, Thyssen-hydrogen Krupp’s business Nucera may go public in the coming months.
“Our preferred approach is to list part of the firm on the stock exchange while retaining the majority shareholder in order to profit from the business’s development possibilities,” Merz said in a speech delivered to the virtual general meeting on Friday and published on Monday.
Merz continued, “A decision on an IPO might be taken in the first half of 2022.” Thyssen-Krupp owns two-thirds of the subsidiary, while joint venture partner De Nora owns one-third.
Nucera is working on large-scale hydrogen production units that use renewable energy. Hydrogen plays an important part in the energy transition and climate protection goals, which is why such businesses are so popular. “By 2050, we estimate the need for hydrogen to have increased sevenfold,” Merz said.
Thyssen-Krupp plans to raise EUR 500 to 600 million in primary procedures for a partial IPO via the issuance of new shares. The number of shares that might be introduced to the market has been left open by the group.
Merz highlighted that any proceeds from a potential IPO should go to Nucera. “We aim to invest in our electrolysis business with our joint venture partner Industrie De Nora with possible IPO profits.” Proceeds from a public offering of shares in Thyssen-Krupp Nucera’s capital increase would also be invested in Nucera.
Thyssen-Krupp Steel Europe’s approximately 27,000 employees will have to wait some more. The steel industry has to strengthen its competitiveness even further. “At the same time, we’re thoroughly and diligently studying the viability of making the steel industry self-sufficient, working hand in hand with everyone concerned,” Merz said. Only when the framework circumstances are apparent will a choice be taken. “That necessitates a thorough and thorough analysis.”
Heavy industry is facing its greatest challenge in history as it transitions to climate-friendly output. Thyssen-Krupp and Salzgitter, as well as the IG Metall labor union, have said unequivocally that the firms cannot absorb the billions in expenditures on their own. They are requesting federal assistance.
“Even though we are already taking corporate responsibility and giving funding for the transition,” Merz added, “it has been impossible to make fundamental and robust choices on independence without tangible and widespread political backing.” There is currently no clear legislative structure for political backing, and money remains a mystery. “Timing is everything.”
