2 May 2024 – US stainless steel prices continue to rise in May. FED maintains interest rate level. Asian stock markets are friendly. And will thyssenkrupp sell up to 50% to Czech investor?
US stainless steel prices continue to rise in May
US stainless steel prices already recorded an increase in April. Further price increases are now expected for May 2024. Other regions, such as Asia and Europe, are also reporting rising stainless steel prices.
FED keeps interest rates stable, Asian markets react positively
As expected, the US Federal Reserve has kept interest rates stable and does not foresee any rapid interest rate cuts for the time being. Asian investors, above all the Chinese Hang Seng Index (+2.3%), have reacted positively to this.
Is thyssenkrupp Steel Europe to be sold 50% to an investor?
Much of what is reported in the media unfortunately presents the outraged opinions of certain stakeholders or parties in a rather one-sided report without much scrutiny.
For example, the possible takeover of Germany’s largest steel manufacturer thyssenkrupp Steel Europe by a Czech investor of 20% or even up to 50% is not necessarily a complete surprise.
Takeover negotiations known for a long time
As early as September 2023, it was known but largely ignored that the management of tkSE was negotiating a takeover or joint venture of up to 50% of the steel group with the entrepreneur Daniel Křetínský.
Trade unions more interested in subsidies?
At the time, however, all eyes were presumably more focused on obtaining a few billion euros in subsidies for a direct reduction plant powered by green hydrogen from the Federal Minister of Economics Robert Habeck, which will now (as predicted) be powered by natural gas.
Outcry of indignation pure hypocrisy
The fact that there are now once again panicked outcries of indignation, especially from politicians and trade union circles, is probably due more to fear of losing votes and trade union members than to ignorance of the overall situation.
Thorsten Gerber, CEO of the Gerber Group, commented today: “This should finally make the heads of some political and corporate leaders roll. Which was long overdue.”
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