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ThyssenKrupp restructuring to continue after Tata steel deal: CEO Hiesinger

ThyssenKrupp has reserved the sole right to decide whether and when to float the JV, called ThyssenKrupp Tata Steel, and would also collect 55 per cent of the proceeds of a stock market listing

Reuters  |  Frankfurt 

ThyssenKrupp Chief Executive Heinrich Hiesinger said he would restructure the German industrial conglomerate further after signing a long-awaited deal to merge its steel assets with those of India's Tata Steel. The steel merger, which will create Europe's second largest steel business with annual sales of 17 billion euros ($19.8 billion), was finally sealed last weekend after two years of at times difficult talks. Seeking to manage expectations before a strategy presentation to the supervisory board next week, Hiesinger told a German newspaper that, although ThyssenKrupp ...

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First Published: Wed, July 04 2018. 09:13 IST