ThyssenKrupp is considering selling its steel division

Published: May 19, 2020 08:59

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SMM5, March 19 / PRNewswire-FirstCall-Asianet /-ThyssenKrupp (Thyssenkrupp) said that ThyssenKrupp is considering the sale of its steel and marine systems division, and hopes to develop its material services and industrial parts division, while expanding its goal of downsizing. Its automotive technology sector will continue to be retained and selectively strengthened through alliances and development partnerships.

In February, in an effort to rescue declining performance, the company decided to sell its elevator business to a consortium of (Advent) and (Cinven).

MartinaMerz, the company's chief executive, said ThyssenKrupp would become smaller but stronger in the transition. "

The steel business, once the company's traditional core division, "burned" more than 1 billion euros in cash in the six months to March 31.

ThyssenKrupp was reorganized by Thyssen and Krupp in 1999. Thyssen and Krupp both have a long history. The former was founded in 1871 and the latter in 1811.

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