Thyssenkrupp steel division faces 'fundamental reorganisation', says chairman [Reuters]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Reuters
cuts in production capacity as well as jobs, the division's supervisory board chairman told a German newspaper. Sigmar Gabriel, a former German economy minister, said that Thyssenkrupp's steel business could not continue the way it was and that the division was in need of "a fundamental reorganisation". Thyssenkrupp Steel Europe, Germany's top steelmaker with 27,000 employees, is hoping to win Czech energy firm EPH as a 50% co-owner, efforts which have been delayed over lengthy talks with automotive clients, sources told Reuters this month. Thyssenkrupp's labour representatives last week warned the German conglomerate's management against cutting jobs or capacity as part of an expected sale of the steel unit, which has been hit by high energy and raw materials costs, weak demand as well as cheap Asian imports. "We have plants that are designed for an annual production of almost 12 million tonnes, but we are currently only selling around nine million tonnes - and the trend may
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