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Steel News May 13, 2024 04:25:46 PM

Thyssenkrupp Announced Review of Steel Division Business Plan

Paul Ploumis
ScrapMonster Author
Thyssenkrupp Steel Europe has been facing significant challenges in the operation front.

Thyssenkrupp Announced Review of Steel Division Business Plan

SEATTLE (Scrap Monster): Thyssenkrupp plans to review business plans for its ailing steel division in the forthcoming weeks. The company sees limited scope for additional steel investment.

Thyssenkrupp Steel Europe has been facing significant challenges in the operation front. The division’s adjusted profits plunged by nearly 95% in the last fiscal year. The company’s balance sheet indicated total debt and pension liabilities of around 12.7 billion euros, significantly lower than the estimated market valuation of less than 7 billion euros. The company workers had recently staged a protest at its Gemany headquarters, demanding clarity on job security and future investment plans.

The steelworkers have been demanding total investment of over 1.5 billion euros over the upcoming years towards revival of the ailing steel unit. However, the company noted that its current plans include investment of only around 570 million euros for steel division.

Furthermore, the new plan includes sale of units as well as finding partners for businesses, in line with the group’s broader strategic plan. Recently, the company had reached an agreement to sell 20% of its steel division to EPCG holding. Earlier Thyssenkrupp had decided to reduce its steel production capacity by 1.5-2 million tons from the current levels of 11.5 million tons per year.

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