ThyssenKrupp CEO warns revamp will take time

ThyssenKrupp (TYEKY, TYEKF) CEO Heinrich Hiesinger renews his pledge to transform the steel and engineering company into an industrial goods and services group but warns shareholders that the revamp will take time and bring more hardship.

Investors and analysts largely support Hiesinger's shift from steel but are critical of his execution; stumbles with the partial exit of the troubled Steel Americas unit and the sale of its stainless steel business to Outokumpu contributed to an accumulated net loss of €7.4B over the past three fiscal years.

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