Thyssenkrupp in talks with peers over steel business

FRANKFURT: German ailing conglomerate Thyssenkrupp is in talks with international peers about consolidating its loss-making steel business, a person familiar with the matter said.

The talks, to be unveiled as part of a strategy revamp on Monday which is likely to include shutting or selling assets, follow a 372 million euro loss Thyssenkrupp Steel Europe, Germany's largest steelmaker, posted in the first half of the group's fiscal year.

Sources told Reuters that contact between Thyssenkrupp and Tata Steel never broke off and that both were still in talks about consolidation. Business paper Handelsblatt said that Thyssenkrupp was also in discussions with Sweden's SSAB and China's Baoshan Iron & Steel and that both were interested in a majority of the German firm's steel unit.

Thyssenkrupp and SSAB declined to comment. Tata Steel Europe and Baoshan Iron & Steel were not immediately available for comment.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Football: Reus warns Bundesliga return does not mean business as usualBorussia Dortmund forward Marco Reus has said the return of the Bundesliga this weekend after a two-month pause due to the COVID-19 pandemic does ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Asia bonds to steal the show as region gets back to businessGLOBAL trade frictions are back in the spotlight but Asia's developing-market bonds will hold up well as the region leads the way in recovering from the novel coronavirus crisis, according to money managers. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

KKR picks rival TPG's Trehan to head India private equity business[NEW YORK] KKR & Co has picked Gaurav Trehan, a partner from rival buyout firm TPG, to head its private equity business in India, according to people with knowledge of the matter. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

China, South Korea consult Japan on easing business travel curbs: media[TOKYO] China and South Korea have consulted Japan about easing border controls on business travellers to help revive business activities, the Yomiuri newspaper reported on Sunday without citing sources. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »