Thyssenkrupp’s profit to double in ’22, flags hydrogen IPO

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ESSEN, Germany (Businesshala) – Thyssenkrupp’s operating profit could more than double next year, submarines-to-steel conglomerate said on Thursday, boosted by an economic recovery and turnaround that will likely include listing of its hydrogen and steel divisions.

FILE PHOTO: The Thyssenkrupp AG logo is displayed at the company’s headquarters in Essen, Germany November 21, 2018. Businesshala/Thilo Schmuelgen/File photo

Adjusted income before interest and tax is expected to be 1.5 billion to 1.8 billion euros (1.7-$2.0 billion) in the 2021/22 fiscal year, up from 796 million euros a year ago, said the group, which also supplies the car sector. does.

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“After two years of intense transformation work, we can now say that the change is evident. Thyssenkrupp is heading in the right direction,” said chief executive Martina Merz.

“However, enormous challenges remain, especially due to semiconductor shortages and uncertainties arising from the coronavirus pandemic.”

The company, which has emerged from years of losses that forced it to halt a collapse with its lift division, said it now prefers to list its hydrogen unit Uhde Chlorine Engineers (UCE) in an initial public offering. .

ThyssenKrupp will hold a majority stake in the IPO.

Previous options for UCE included a deal with a special purpose acquisition company (SPAC) or a partnership with a strategic or financial investor.

A 66-34 joint venture of UCE, ThyssenKrupp and Italy’s De Nora, is the world’s largest supplier of chlor-alkali membrane technologies used to produce hydrogen. Analysts have valued UCE at anywhere between 3 billion and 6 billion euros.

Thyssenkrupp is also studying the conditions that would have required a spin-off of its steel division, Europe’s second largest, a move marked earlier but on government subsidies to shift the focus toward carbon neutral production. was dependent.

($1 = 0.8838 Euro)

Reporting by Christoph Steitz; Editing by Riham Alkausa, Shailesh Kuber and Lincoln Feast.

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