#235 – CEO thyssenkrupp AG: “Not Enough Business in China” – Why thyssenkrupp Wants to Grow in China (with Miguel Ángel López Borrego)

In this special episode, recorded remotely around the Asia-Pacific Conference of German Business, Damian Maib speaks with Miguel Ángel López Borrego, CEO of thyssenkrupp AG, who joined from Tokyo. After many years as a CFO, he shares why automotive is the industry that taught him the most and why customer centricity is the key to growth.

Miguel has been working with China since 1996, when he negotiated a joint venture with the local government in Wuhu, and has visited the country at least once every quarter ever since. He remembers a Pudong with very few skyscrapers and explains how impressed he is by China’s development in infrastructure, automation and digitalisation.

We talk about thyssenkrupp’s local-for-local approach and why, in his words, “when being in China, we are also a Chinese company”. Miguel explains why Asia, with China, India and Japan, is a key growth region, why thyssenkrupp wants to serve Chinese carmakers such as BYD and Chery both in China and in Europe, and why Europe still needs its own steel production for resilience. He also talks about opportunities in hydrogen and green fuels, the risks of “rat races” in highly competitive markets, and what Europe must change to stay competitive, from innovation to faster permits and more flexible labour markets.

His key message for European companies: “Let’s not discuss why and when. Let’s discuss how we get back to this speed that China is showing us every day.”

‍

Enjoy the episode!

‍