ThyssenKrupp Seeks to Sell Off European Steel Business

June 29
1:23 PM 2013

ThyssenKrupp, the largest steelmaker in Germany, has been examining the possibility of selling a part of its steel business in Europe. The purchaser is an investor according to the website of Rheinische Post, citing anonymous supervisory employees of the company.

A company spokesman had declined to make any comments to Reuters and had identified previous statements by its CEO Heinrich Hiesinger that Thyssen would have no plans to sell of its European steel business.

The steelmaker is still reeling from losses it has sustained from its Steel Americas company which is trying to sell off. The ThyseenKrupp CEO said last May that it is not ruling out a capital increase within the next nine months.

A source familiar with the transaction had told Reuters last Friday that RAG could purchase shares in ThyssenKrupp as part of the capital increase. RAG controls chemicals maker Evonik. The owners of ThyssenKrupp, the Krupp Foundation owns 25.3% shares in Thyssen had said it would not take part in a capital increase. 

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