Who is Daniel Kretinsky?
The Czech billionaire reaching out to Thyssenkrupp
By Clara Suchy
September 29, 2023, 8:16 p.m
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His energy company has stakes in more than 70 companies in Europe – and they play into the hands of a certain German steel manufacturer. But who is the Czech billionaire who reportedly wants to buy into Tyhssenkrupp’s steel division?
Major shareholder of Metro, founder of the 30 billion euro Energeticky a Prumyslovy Holding (EPH) and a stake in ProSiebenSat.1 – but that’s apparently not enough for Daniel Kretinsky. Because the Czech billionaire is now looking for the next lavish investment in Germany. As the “Handelsblatt” reports, Kretinsky is joining Thyssenkrupp Steel Europa. Who is the man who is now reaching for the largest German steel producer?
According to the Bloomberg Billionaires Index, Kretinsky currently has a net worth of $7.16 billion. The American magazine “Forbes” ranks Kretinsky at number 208 in the world ranking of the richest people in the world and estimates his fortune at nine billion dollars. The 48-year-old entrepreneur got his start as a law student. He graduated from Masaryk University in Brno and joined the investment firm J&T in 1999. In 2009 he founded EPH.
The decisive step for Kretinsky came in 2013, when EPH took a significant stake in the Slovakian Eustream gas pipeline, which represented a reliable and steady source of money. Over the next few years, Kretinsky purchased coal mines in Germany and Poland, followed by additional assets in France, Ireland, Italy, the Netherlands and Great Britain. EPH’s portfolio grew to include more than 70 European energy companies.
However, Kretinsky’s portfolio extends far beyond the energy sector. He also has a hand in the media world. He owns shares in the media company Czech Media Invest, which publishes, among other things, the Czech Republic’s most widely read tabloid and the French daily newspaper Le Monde. The billionaire also has stakes in several supermarket chains, such as the French chain Casino and the British Sainsbury’s as well as the German wholesale chain Metro.
Future of steel production
It is not surprising that Kretinsky is now reaching out to Thyssenkrupp. After all, according to Forbes, he owns and runs the largest energy supply company in Central Europe. The company also has a stake in a German energy company through the Czech subsidiary of Lausitzer LEAG.
Extremely energy-intensive steel production repeatedly suffers from highly fluctuating electricity prices – all the more so since Germany has stopped importing gas and oil from Russia. According to the “Handelsblatt”, Thyssenkrupp hopes that Kretinsky’s participation will provide cheaper access to electricity.
Much more important for the preservation of the company’s steel division is the reorientation towards the production of green steel. Thyssenkrupp is already receiving billions in aid to build a large plant for more climate-friendly steel production. However, the energy supply still needs to be secured. The fact that Kretinsky is also planning to build solar and wind farms with his stake in East German energy companies also plays into Thyssenkrupp’s hands.