ThyssenKrupp announces 10 billion euro divestments

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The biggest German steelmaker, ThyssenKrupp, has announced a 10 billion euro ($14.5 billion) divestment programme which will notably lead to retrenchment in Brazil and in the United States.

The main selloff concerns its Stainless Global division, worth some 5.9 billion euros, for which "all options (for) continuation of the business activities outside the group are to be investigated," the company said in a statement overnight.

The decision to recentre the firm's activities was taken at a special executive board meeting on Thursday, the company said.

"Current and prospective divestments within the context of portfolio alignment agreed upon by the executive board approximate EUR10 billion and 35,000 employees," the company added.

ThyssenKrupp said it would also be selling its Waupaca group, specializing in iron casting in the United States, along with its Brazilian Automotive Systems business and other automotive activities.

© 2011 AFP

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