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Steel News December 06, 2021 11:45:33 AM

Thyssenkrupp Announced Significant Progress in Restructuring Program

Paul Ploumis
ScrapMonster Author
The company had sold its profitable elevator business last year for approximately $19.50 billion in an attempt to bring down its debt and pension liabilities.

Thyssenkrupp Announced Significant Progress in Restructuring Program

SEATTLE (Scrap Monster): Thyssenkrupp’s restructuring process comprising disposals and cost-cutting measures is almost halfway complete. Furthermore, it is well on track for improved sales and margins over the forthcoming years.

According to Martina Merz, CEO, it expects the current restructuring programme to complete by 2024. The company anticipates mid-term adjusted margins of 4-6%. It had reported an adjusted margin of 2.3% during the full-year 2020/21. As part of its push towards the full transformation of the group, it is currently focusing on preparing the next package of divestments, Merz noted.

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The company had sold its profitable elevator business last year for approximately $19.50 billion in an attempt to bring down its debt and pension liabilities. In July this year, the company had sold its mining technology business to Denmark-based FLSmidth. In addition, the company had also disposed of its infrastructure and carbon components operation.

Currently, thyssenkrupp looks to explore partnerships to bolster marine systems division. It will also decide upon the future of its cement plant construction and chemicals division. Moreover, the details on initial public offering of its hydrogen division will be announced very soon.

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