Thyssenkrupp elaborates on restructuring, confirms plans to sell share of steel unit

German diversified industrial group Thyssenkrupp has detailed its restructuring plan, confirming plans to sell shares in its steel business and sell or close its heavy plate sites.

Thyssenkrupp released an update on Tuesday May 19 on its realignment strategy initiated last year after a failure of a joint venture with Tata Steel.
Challenges resulting from the Covid-19 crisis have made the group speed up realignment.
The core of the strategy will be the transformation of the company into a high-performant “Group of Companies,” Thyssenkrupp said.
Thyssenkrupp plans to divide its assets in two groups: The first one will comprise businesses whose potential Thyssenkrupp will develop on its own or together with partners, and the second one will include companies for which Thyssenkrupp will primarily pursue development paths outside the group, according to the release.
Steel business
The company confirmed parallel discussions of possible consolidation options for its steel and marine systems units.

"In the past, Thyssenkrupp has repeatedly emphasized the benefits of consolidation in the steel industry. The necessity is only heightened as a result of the...

Published

Maria Tanatar

Ross Yeo

Julia Bolotova

May 19, 2020

12:59 GMT

Dnepr, London