Thyssenkrupp might sell 'most of its steel business'

Tuesday, 19. May 2020 16:18

Thyssenkrupp might sell most of its steelmaking business, its CEO Martina Merz said on Tuesday. Should this move occur, it would make a historic turn for the German company with tradition of over 200 years, which saw it become one of the major economic forces in Europe.

"We are drawing on the full range of options. That means all forms of consolidation are being looked at, including mergers, takeovers, us acquiring peers, and us developing the unit independently," Merz told the reporters. She also said the company might be restructured, but added: "We can prepare things but it is rather difficult to say how long it'll take."

Thyssenkrupp has recently announced it would sell its lift business for €17.2 billion and that it was looking into selling its steel and marine units. The company also reported a net loss of €984 million in the second quarter of 2020 due to the ongoing coronavirus pandemic.

Related Links: ThyssenKrupp AG
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Breaking the News / JR