ThyssenKrupp to keep key steel mills for now

|About: ThyssenKrupp AG ADR (TYEKY)|By:, SA News Editor

ThyssenKrupp (TYEKY, TYEKF) CEO Heinrich Hiesinger, who has made a point of downsizing the German conglomerate's steel operations, tells WSJ he's holding on to key mills in Brazil and Europe, at least for now.

Heisinger can't find any buyers, which he says highlights the biggest problem with the steel industry: It needs to consolidate, but there is little movement in that direction since "the pain is still not big enough."

Meanwhile, activist investment firm Cevian Capital increases its stake in the company to more than 15%, worth ~€1.6B ($2.2B), from 11% last year.