ThyssenKrupp is a German steelmaker based in Essen, Germany. The steelmaker had denied a magazine report saying the company has been preparing to sell its automotive division.

In an advance release to be published on Monday, the weekly magazine Focus said that ThyssenKrupp had sought for possible investors for indicative offers for its automotive unit. ThyssenKrupp had been struggling with billions of Euros worth of debt and a loss making Steel Americas business.

A spokesperson for the Essen based firm told Reuters on Sunday, "That's nonsense. We want to develop the business further strategically."

ThyssenKrupp sold its Tailored Blanks unit last year. Tailored Blanks was then known as the market leader in the laser-welded blanks for the automotive section.

In 2011, ThyssenKrupp recorded EUR43.356 billion in revenue. During the same year, the company had profit valued EUR1.783 billion. ThyssenKrupp's 2011 total assets was valued EUR43.603 billion while its total equity was valued EUR10.783 billion.