Germany's ThyssenKrupp had denied a media report saying that the company was to scrap the sale of its Steel Americas business. ThyssenKrupp had tried for more than a year to sell Steel Americas.

According to a spokesperson for the steel maker, the process of the sales is still ongoing.

The German paper Frankfurter Allgemeine Zeitung in an excerpt to the article that was to be published on Tuesday cited sources that were knowledgeable about the sale. The said sources said the ThyssenKrupp was set to halt the sales process for Steel Americas. The latter comprised of a plant in Alabama and a steel mill in Brazil. The sale was to launch a quick capital increase.

The losses at Steel Americas had 'pushed the German company to be at risk in breaching its loan agreements. It would also add more pressure to the company's management to come up with fresh funds.

According to ThyssenKrupp's Chief Executive Heinrich Hiesinger, he might not wait until a deal to close to be able to raise capital.