The way that Thyssenkrupp (Germany's chief steel maker) survived over the past couple of decades....was via cheap Russian natural gas. So when the war started, and Germany vowed not to buy the natural gas....this industry was in serious trouble.
This week....the CEO and five members of the board...resigned. There had been a deal in the works to sell off part of the 'empire' to a Czech billionaire....but as part of the deal....the Czech end wanted more 'cash' to ensure the survival of what they were buying. That wasn't working out.
Value of the stock for Thyssenkrupp now? Around $3.30 per share.
What'll happen now? Well....some stock-holder meeting....new board elected....select a new CEO....rig up some gov't help, and stall the sell-off to the Czech billionaire. All of this while the stock slips another Euro (or two).
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