ThyssenKrupp mulling all options for steel business: report

10th December 2012, Comments 0 comments

German heavy industry giant ThyssenKrupp is examining all options -- including a possible sale -- of its core German steel business, the weekly WirtschaftsWoche reported on Monday.

ThyssenKrupp was not immediately available to comment on the information.

"The future of the German steel business will be decided by June 2013. All possible solutions and alternatives will be on the table," the magazine quoted an insider as saying.

Chief executive Heinrich Hiesinger has drawn up a new strategic plan under title "Let's go to the Next Chapter" under which the different scenarios will be examined, WirtschaftsWoche added.

Steel-making forms the historic core of ThyssenKrupp's business, which was formed in 1999 from the merger of two steel giants Thyssen and Krupp whose roots stretch back into the 19th century.

But the steel business is highly cyclical and has been severely hit by the economic downturn.

ThyssenKrupp -- which also makes elevators, industrial plant technology, submarines and car parts -- is scheduled to publish its fourth-quarter and full-year earnings on Tuesday.

It is currently looking for potential buyers for its two loss-making steel plants in the US and in Brazil.

© 2012 AFP

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