ThyssenKrupp could participate in Europe steel sector consolidation
ThyssenKrupp, the listed German technology and steel company, may take part in European steel industry consolidation if such a process gets under way, Boersen-Zeitung reported.
The German-language daily cited Andreas Goss, chief executive of ThyssenKrupp Steel Europe, as saying that ThyssenKrupp would participate from a position of strength in a potential consolidation wave in the market.
The Steel Europe unit represents turnover of EUR 8.9bn, or a fifth of the group's overall sales, the report said.
The article noted that recently, ThyssenKrupp CEO Heinrich Hiesinger stressed that ThyssenKrupp will continue as a diversified group within which steelmaking will have a place. However, he was also cited as saying that tradition alone does not afford protection in the competition of the future. He predicted that there might be a consolidation push in the German steel sector, possibly in three to five years.
ThyssenKrupp recently sold its American steelmaking business, with a EUR 2.1bn turnover, the report noted.
Boersen-Zeitung