ThyssenKrupp CEO Confirms Discussions with Liberty Steel

Thyssen Krupp CEO Ms Martina Merz in her investor presentation during Virtual Annual General Meeting on February 5, 2021 said “We are pressing ahead with
ThyssenKrupp CEO Confirms Discussions with Liberty Steel
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Thyssen Krupp CEO Ms Martina Merz in her investor presentation during Virtual Annual General Meeting on February 5, 2021 said “We are pressing ahead with the dual-track process we have initiated. Our ultimate goal is to ensure the future viability of steel and thus safeguard our employee’s prospects. In our view, this is more important than the question of ownership. That is why, following the positive experience with the decision-making process at Elevator, we began exploring options for the steel business last summer. The goal was to carefully examine all conceivable options with a view to safeguarding the future of the business. In the fall, we announced that we would make a decision in March 2021. That remains our intention. Last week, Liberty Steel sent us an updated offer, which we are currently examining very carefully. As agreed, this offer is still not binding and contains a number of complex aspects that require further clarification. We are in discussions with Liberty Steel to this end.”

She added “At the same time, as we have emphasized from the start, we do not intend to make ourselves dependent on any third party and are working hard on an alternative solution to make steel fit for the future by our own efforts. Here, there are two possible variants: continuing the steel business as part of the Group or a spin-off. We realize that both these variants would be challenging but they could offer an attractive solution for the business. However, a number of conditions would need to be in place first and we are currently examining these very carefully. What is important to me is that the future viability of steel is the main criterion for a good decision.”

Thyssenkrupp has reported sales of EUR 28.9 billion in 2020 down by 15% YoY, order intake of EUR 28.2 billion down by 17% YoY & adjusted EBIT of EUR 1.6 billion

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