5 February 2024 – The ailing German steel giant thyssenkrupp could divest its marine division after ten years of searching. But what is left apart from subsidized steel? US labor market data significantly better than expected and the IMF further raises its growth forecasts for 2024.
Is steel all that’s left in the end? Thyssenkrupp wants to divest its marine division
The German steel giant thyssenkrupp, which has been caught up in its own restructuring process for years and has almost always only been able to sell its profitable divisions, now wants to finally divest its marine division TKMS. According to media reports, the German Federal Ministry of Defense is currently examining an entry into naval shipbuilding.
In the end, all that remains is…?
What will be left of thyssenkrupp now? And will what is left after a withdrawal from the naval division continue to be kept alive only by subsidies?
German steel only possible with subsidies?
The German Federal Minister of Economics, Robert Habeck, who is expected at the ArcelorMittal steel mill in Bremen today, is likely to be confronted with this question. European steelworks have been calling for more subsidies for years, in particular to modernize and replace old plants.In Bremen, more than 1.5 billion euros in subsidies are once again at stake.
The Federal Minister of Economics has already distributed almost 7 billion euros to German steel mills.It remains questionable whether this money will ultimately result in green steel and would probably have been better spent elsewhere, e.g. in small and medium-sized enterprises.
US labor market more robust than expected
The US labor market performed significantly better in January than had been expected. Almost twice as many new jobs were created.The unemployment rate thus remained stable. The first analysts see the possibility of the US Federal Reserve keeping interest rates stable beyond March, as the strong labor market, increased purchasing power and thus more demand could keep inflation at the current level for the time being.
IMF further brightens outlook for 2024
The International Monetary Fund has further improved its outlook for 2024. Global economic growth is expected to rise from 2.9% to 3.1%. The United States and key emerging economies in particular are contributing to the IMF’s increase.
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