Connect to share and comment

ThyssenKrupp shelves plans to sell railway, construction ops

German heavy industry giant ThyssenKrupp said Tuesday it is abandoning plans to sell its rail and construction activities after failing to secure sufficient offers. Instead, ThyssenKrupp will close down the rail unit and lay off hundreds of employees, but the construction equipment unit will be kept, the company said in a statement. "After an intensive exploratory phase, purchase bids have been reviewed and talks held with potential buyers over the past few weeks. None of the bids met the financial expectations of ThyssenKrupp," the statement said.

ThyssenKrupp says keeping its European steel unit

FRANKFURT (Reuters) - Germany's ThyssenKrupp <TKAG.DE> is holding on to its Steel Europe business, a company spokesman said on Saturday, responding to speculation that a sale could help its current restructuring efforts. "We've always said that we want to keep the steel business," the spokesman said.

ThyssenKrupp announces capital increase after U.S. deal

FRANKFURT (Reuters) - ThyssenKrupp <TKAG.DE> announced plans to increase its capital by as much as 10 percent after striking a deal to sell its U.S. steel plant to ArcelorMittal <ISPA.AS> and Nippon Steel & Sumitomo Metal <5401.T> for $1.55 billion. It also announced late on Friday plans to take back steel plant Terni and the VDM high-performance alloy unit from Outokumpu <OUT1V.HE> and sell its 29.9 percent stake in the Finnish company.

ThyssenKrupp sells US steel plant business for $1.55 billion

German steel company ThyssenKrupp has agreed to sell its U.S. steel plant business to two competitors for $1.55 billion. Following extended speculation over the deal, ArcelorMittal and Nippon Steel The deal adds U.S.-based finishing facilities for the two companies, which are headquartered in Luxembourg and Japan, respectively. It also is expected to benefit the buyers by expanding their energy and auto industry businesses.

ThyssenKrupp postpones results as deal on U.S. plant nears

FRANKFURT (Reuters) - German steelmaker ThyssenKrupp <TKAG.DE> pushed back the publication of its annual financial results as talks to sell a steel plant in the United States entered the home stretch. "ThyssenKrupp is in exclusive negotiations on the potential sale of the U.S. steel plant in Calvert, Alabama," the company said late on Tuesday, adding it was postponing publication of its earnings to December 2 from November 21.

ThyssenKrupp denies report on possible sale of automotive unit

BERLIN (Reuters) - German steelmaker ThyssenKrupp <TKAG.DE> has denied a magazine report that it is preparing to sell its automotive division. Weekly magazine Focus said in an advance release of an article to be published in Monday's edition that ThyssenKrupp, struggling with billions of euros of debt and a loss-making Steel Americas business, had asked potential investors for indicative offers for its automotive operations.

ThyssenKrupp wins banks' support to extend credit lines: magazine

BERLIN (Reuters) - Germany's ThyssenKrupp <TKAG.DE> won support from banks to extend credit lines worth 2.5 billion euros ($3.4 billion) as the steelmaker is grappling with billions of debt and its ailing Americas business, WirtschaftsWoche reported. Pressure has been rising on Chief Executive Heinrich Hiesinger to raise cash as the company is at risk of breaching loan covenants when its financial year ends on September 30.

Germany's ThyssenKrupp posts heavy Q3 loss

German heavy industry giant ThyssenKrupp said Tuesday that it had posted deep net losses in the third quarter of its business year. The group, which runs its business year from October to September, booked a net loss of 362 million euros ($481 million) for April to June. It said in a statement that it expected sales to improve in the fourth quarter but to slip for the year compared to the 2011-2012 when it reported 40.1 billion euros in turnover.

ThyssenKrupp to axe 3,000 jobs as losses widen in Q2

German heavy industry giant ThyssenKrupp said Tuesday it plans to axe 3,000 administrative jobs worldwide as its losses widened in the second quarter. "Overall the number of employees in administrative functions in the group worldwide is to be reduced by around 3,000 from its current level of around 15,000," ThyssenKrupp announced as it calculated that its net loss stood at 89 million euros ($116 million) in the period from January to March. ThyssenKrupp runs its business year from October to September. spm/lc

ThyssenKrupp eyes sale of railway, construction ops

German heavy industry giant ThyssenKrupp said Monday it is looking to sell its rail and construction activities due to the limited growth prospects. The management of ThyssenKrupp's material services division informed the group's supervisory board "of its decision to initiate a sale process for the railway and construction operations, with combined sales of around 400 million euros ($523 million) and roughly 800 employees," the group said in a statement
Syndicate content