Thyssenkrupp looks to sell part of its steelmaking business
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Combustion Industry News Editor
Thyssenkrupp is to “look for partners” for its steel and warship divisions, with the aims of stemming the “bleeding” of cash restoring investor confidence, according to a report from Reuters. CEO Martina Merz, speaking of the move, said that with “this reassessment of the portfolio, we have taken some difficult decisions that were long overdue and will now implement them systematically. Thyssenkrupp will emerge smaller but stronger from the transformation.” The materials services, industrial components and automotive technology divisions of the company are the only three that will remain exclusively Thyssenkrupp’s, with the future part sale of steel nibbling at the company’s two-hundred year history built on the metal. Potential buyers for the steel business include Sweden’s SSAB and China’s Baoshan Iron & Steel, though contact with Tata Steel, with which Thyssenkrupp was to merge its steel business last year, remains. Thyssenkrupp’s share price has declined by almost two-thirds in the past year, but rose 12.5% on the news of the potential sales.