The management of the industrial group ThyssenKrupp is considering reviving an old plan and merging its steel subsidiary with its Lower Saxony competitor Salzgitter. According to SPIEGEL, the new Thyssenkrupp boss Martina Merz wants to meet with the long-time Salzgitter boss Hans Jörg Fuhrmann shortly. Appropriate options could be explored during the conversation.
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After the failed merger with the Indian steelmaker Tata under her predecessor Guido Kerkhoff, Merz is looking for new strategies to lead the group with its around 160,000 employees out of the crisis. A merger with Salzgitter could be a first step. A German steel fusion between Salzgitter and Thyssenkrupp had already been considered several times, including among Merz’s predecessors. So far, it has failed due to resistance from Fuhrmann and the unions.
The Group’s supervisory board also plans to decide on the future of the elevator division in the next two weeks. Specifically, the question is whether the profitable division with an estimated value of up to 15 billion euros will be listed or sold in whole or in part. According to SPIEGEL information, the Thyssenkrupp board has various opinions on the path to be taken. The sale of a majority stake is currently likely. Several bidders are still in the running, including the Finnish elevator manufacturer Kone.
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Thyssenkrupp needs the money to restructure the company. In addition to financial debts of around EUR 6.5 billion, pension obligations of almost EUR 9 billion take the breath away from the Group. Equity is at an all-time low. From the German Exchange index Dax the company was banished back in September.
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