Reuters quoted Mr Ekkehard Schulz former CEO of ThyssenKrupp as saying that he should have acted sooner on cost overruns at the German steelmaker's plant in Brazil, ahead of a shareholders' meeting at which management is expected to face the investors wrath.

He said that "Of course I made mistakes. I trusted the wrong people for too long. People who presented the situation to me sugar coated."

Mr Schulz said that costs were exceeded by EUR 1.7 billion, more than half the planned budget, due to faulty construction of the coking plant and the insolvency of the company that was to build the blast furnace.

He added that "When other people presented the situation to me unvarnished, it was almost too late. The damage would have been smaller if I had acted sooner. And believe me, I blame myself. But it's no use. The situation is as it is."

Mr Schulz quit the supervisory board last month following reports about his failure to rein in American costs.

ThyssenKrupp has struggled with delays and cost overruns at its Steel Americas business that led to a loss last year. ThyssenKrupp said last month it may consider demanding compensation from Mr Schulz and other managers for investments made in the steel plants in Brazil and the United States.

(Sourced from www.reuters.com)