According to an insider, Thyssenkrupp is also in talks with foreign competitors about consolidating the industry, given the high losses in its steel division. That is part of the new course by CEO Martina Merz, a person familiar with the matter told Reuters yesterday. Merz plans to present its plans for the future strategy to the Supervisory Board today.
So far, it was expected that after the sale of the elevator division, the steel business as the largest area would be at the center of the strategy. Thyssenkrupp Steel Europe, with its approximately 27,000 employees, has come under pressure once again. The business, which was sensitive to the economic situation, posted an operating loss of EUR 372 million in the first half of the 2019/20 financial year.
Thyssenkrupp has so far declined to comment. The “Handelsblatt” had first reported about it and named the names Baosteel from China, the Swedish SSAB and Tata Steel. Baosteel and SSAB preferred a majority takeover.
A merger with Tata Steel Europe failed last year due to opposition from the EU Commission. According to insiders, however, the thread of conversation has never been completely torn down. Thyssenkrupp still considers consolidation of the European steel industry to be the right thing, management has emphasized ever since. SSAB did not want to comment on this. Initially, Baosteel and Tata were unable to comment.
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