Thyssenkrupp
The German steel and engineering company, ThyssenKrupp AG, said it has reached an agreement with EP Corporate Group or EPCG for the sale of 20% of ThyssenKrupp's steel business. The closing of the transaction is scheduled for this financial year, the companies said. In addition, the two companies are in talks for an additional 30% acquisition of the steel business by EPCG to form a 50:50 joint venture.
DPA
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. Trade union leaders responded on Friday that they would only discuss production...
DPA
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. A labour agreement between tyssenkrupp Steel and trade unions currently rules o...
DPA
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. A labour agreement between tyssenkrupp Steel and trade unions currently rules o...
DPA
Germany's ThyssenKrupp is moving ahead with the planned spin-off of its TKMS naval construction division by looking into a collaboration with US financial investor Carlyle, the parent company announced from its headquarters in Essen on Tuesday. The books of TKMS have been opened up to Carlyle for an "in-depth examination and valuation (due diligence)" with the aim being a possible sale of a stake in the marine division. Selling shares in the company, a specialist in surface and submarine naval vessels, is one of several options under consideration, Thyssenkrupp said. Carlyle's involvement did ...
DPA
The German industrial group ThyssenKrupp started the year in the red, the company said on Wednesday. The company announced that renewed impairments on the steel business due to higher interest rates and the associated higher cost of capital were partly responsible. ThyssenKrupp reported a net loss of €314 million ($337 million), following a profit of €75 million in the previous year. Depreciation and amortization amounted to around €200 million. Falling prices and lower demand in the steel business, particularly from automotive customers, caused earnings before interest and taxes (EBIT) adjust...
DPA
Germany's powerful IG Metall trade union called on Thursday for transparency from management at Thyssenkrupp during increasingly troubled times for the country's traditional heavy industry. "We know and see that the company is in a serious situation," IG Metall deputy head Jürgen Kerner said in Bochum in the heart of the industrial Ruhr Region. Kerner also sits on Thyssenkrupp's supervisory board as deputy chairman. "We continue to need cooperation between the shareholders, the executive and the worker participation side," Kerner said ahead of Friday's shareholders' meeting. The meeting is the...
DPA
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