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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman government and EU collaboration needed to find lower cost, greener energy solutions: Thyssenkrupp CEOMiguel Angel Lopez Borrego, CEO at Thyssenkrupp, discusses the energy transition in Germany and what the company is doing to meet environmental targets.
Persons: Miguel Angel Lopez Borrego Organizations: EU Locations: Germany
Thyssenkrupp hydrogen IPO calls for leap of faith
  + stars: | 2023-06-22 | by ( Pamela Barbaglia | ) www.reuters.com   time to read: +5 min
Once known as the Swiss army knife of climate change for its myriad potential applications in heating, heavy industry and vehicles, green hydrogen has fallen to earth. High fossil fuel prices have also made green hydrogen more affordable relative to other types made from gas. Yet green hydrogen is mostly confined to large-scale industrial usages like steel and ammonia manufacturing. López Borrego will do well to get his IPO away at 3 billion euros without a tangible discount. Switching an average European steel site to green hydrogen could cost 7 billion euros, according to a Hydrogen Europe report.
Persons: Miguel Ángel López Borrego, Thyssenkrupp, DNR.MI, Nucera, López Borrego, Nora, George Hay, Streisand Neto Organizations: Reuters, Nucera, Industrie, Energy, ITM, Mingyang Smart Energy, Reuters Graphics Reuters, Thyssenkrupp, European, Council, Thomson Locations: Frankfurt, Dortmund, U.S, Swiss, Saudi
April 24 (Reuters) - Thyssenkrupp (TKAG.DE) Chief Executive Martina Merz, who launched the conglomerate's largest structural overhaul, is seeking to step down, the German industrial group said on Monday, without providing a reason for the move. Shares in the submarines-to-car parts firm plunged after the announcement and were down 9.2% at 1250 GMT. This is challenging, but necessary," Thyssenkrupp Chairman Siegfried Russwurm said. "Martina Merz has taken over a very difficult task at a challenging time and since then has initiated a fundamental change process at Thyssenkrupp with great commitment and expertise," Russwurm said. Reporting by Tristan Veyet in Gdansk, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Thyssenkrupp gives investors wrong kind of breakup
  + stars: | 2023-04-24 | by ( ) www.reuters.com   time to read: +2 min
LONDON, April 24 (Reuters Breakingviews) - An abrupt CEO departure adds yet more problems for Thyssenkrupp’s (TKAG.DE) long-suffering investors. Merz was drafted in after her predecessor Guido Kerkhoff himself left after just 14 months, amid an aborted steel spinoff. Progress on a listing of Thyssenkrupp’s hydrogen business or a steel spinoff has been slow, despite a plan to hive off weaker units. Thyssenkrupp says it will continue its transformation, and appointed a former Siemens (SIEGn.DE) executive, Miguel Ángel López Borrego, to replace Merz. Yet investors still smarting from a minus 37% total return under its last bold CEO now seem to be expecting more of the same.
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