TYEKF.PK: Thyssen Krupp Ag Dus Market Currents

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Monday, June 3, 9:38 AM ThyssenKrupp (TYEKY.OB) plans to invest at least €280M ($364M) for five new production plants in China to boost capacity at its automotive parts and elevators businesses after two years of sharp overall losses. Thyssen's Asia ambitions are part of its plans to reduce dependence on the cyclical steel business and expand technology and engineering businesses like the elevators unit. Comment! [Commodities]
Wednesday, May 29, 11:54 AM Vale (VALE) reportedly wants ThyssenKrupp to partially reimburse it for some of the $550M in extra costs their CSA slabmaking partnership in Brazil incurred over the past four years, adding a potential hurdle to the sale of the money-losing steel mill. The German steelmaker spent more than $8B in its Brazilian foray, which has been plagued by a weak global economy and increasing operating losses. Comment! [Commodities]
Wednesday, May 15, 9:48 AM ThyssenKrupp (TYEKF.PK, TYEKY.OB) takes another writedown on the value of its Steel Americas business, driving an unexpected quarterly loss but raising hopes the steelmaker is closer to a sale of the asset which has been a thorn in its side for years. Analysts say the move to cut the book value on Steel Americas to €3.4B from €3.9B shows it is ready to accept a lower price for a deal. Comment! [Commodities]
Tuesday, May 7, 3:26 PM Vale (VALE +3%) says it hasn't been contacted by ThyssenKrupp about a reported proposal to increase its stake in a troubled Brazilian steel mill. The German steelmaker is seeking to sell two plants in the Americas, including one near Rio de Janeiro in which Vale has a 27% stake. One proposal was said to have Vale increasing its stake in the mill to 33%. Comment! [Commodities, Global & FX, On the Move]
Friday, May 3, 3:35 AM Meanwhile, UBS bumps ThyssenKrupp AG (TYEKY.OB, TYEKF.PK) two notches to Buy from Sell, saying the market has over-reacted to the downside. Firm believes a share issue is unlikely, and thinks the Steel Americas unit sale will net THK €3B, while the market is pricing in only €0.8B. Comment! [Commodities, Quick Ideas]
Friday, May 3, 3:31 AM ThyssenKrupp AG (TYEKY.OB, TYEKF.PK) +5% in Frankfurt on news Companhia Siderrgica Nacional (SID), Brazil's No.3 steelmaker, has reportedly emerged as the leading bidder for its Brazilian and U.S. steel-plant assets. For now, ThyssenKrupp remains in parallel negotiations with Vale (VALE) and the Brazilian gov't for the assets. ThyssenKrupp has spent the last year figuring out how to dispose of the unprofitable plants. Comment! [Breaking News, Commodities, On the Move]
Tuesday, April 30, 12:22 PM Latin American steelmaker Ternium (TX +5.1%) surges higher after saying it won’t pursue a purchase of ThyseenKrupp's (TYEKF.PK) steel plant in Rio de Janeiro state in Brazil because of its valuation and industry conditions in Brazil. TX says it is assessing alternative growth options after backing out of the bidding process. (Q1 earnings) Comment! [Commodities, On the Move]
Friday, April 26, 4:39 PM Steel prices have slumped sharply this month, prompting steelmakers (SLX) such as Nucor (NUE), ArcelorMittal (MT) and ThyssenKrupp to send out letters last week notifying customers that they would no longer offer discounts on index prices, WSJ reports. The effort to halt rampant undercutting faces challenges from other steelmakers that continue to offer discounts and special deals. Comment! [Commodities]
Tuesday, March 19, 6:05 PM Final offers for ThyssenKrupp's (TYEKF.PK) steel plants in Brazil and Alabama reportedly are well below expectations, as the German steel maker enters the final stretch of a long sales process. A deal could be announced as early as April, but likely will trigger a further writedown of ~$1.3B because the bids are far below the current $5B book value of the plants. 4 Comments [Commodities, Global & FX]
Friday, March 15, 10:15 AM Italian-Argentine steelmaker Ternium (TX) may make a firm bid for ThyssenKrupp's (TYEKF.PK) money-losing mill in Brazil, but its current proposal isn't very attractive, local reports say. Krupp is said to want to conclude the sale of its Steel Americas unit, which includes the Brazilian mill and another compound in Alabama, by September. Comment! [Commodities, Global & FX]
Friday, March 8, 10:58 AM ThyssenKrupp (TYEKF.PK) +6.2% in Frankfurt trading after Gerhard Cromme unexpectedly resigned as chairman of the supervisory board. Cromme's departure brings to an end a reign that began 27 years ago; he had been facing calls to resign since huge writedowns last year prompted the steelmaker to cancel its dividend for the first time. Comment! [Commodities]
Tuesday, February 12, 8:39 AM ThyssenKrupp (TYEKF.PK) reports a 38.4% decline in its FQ1 net profit on a 7.9% drop in revenue, as continuing weak steel demand in Europe and pressure on steel prices more than offset strength in its technologies units. Krupp says it hopes to achieve EBIT of ~€1B in FY 2013 vs. €1.3B in 2012, with revenue matching the prior-year's €40B. Comment! [Global & FX]
Tuesday, January 29, 4:32 PM ArcelorMittal (MT) and Nippon Steel (NSSMY.PK), the world's two biggest steel makers, reportedly team up to bid ~$1.5B for ThyssenKrupp's (TYEKF.PK) Alabama plant. The two companies are jointly bidding to split the costs and give the Japanese firm access to MT's existing rolling steel slabs in Latin America. Nucor (NUE) also is said to be interested in the site. Comment! [Commodities, Global & FX]
Wednesday, January 16, 3:41 PM ArcelorMittal (MT) and Nucor (NUE) reportedly each bid $1.5B in separate offers for ThyssenKrupp's (TYEKF.PK) steel operations in Alabama, while Siderúrgica Nacional submitted a $3.8B bid for the Alabama plant and a majority stake in a Brazilian facility. ThyssenKrupp, which invested $11.8B in the two plants, is expected to update shareholders at its annual meeting Friday. Comment! [Commodities]
Wednesday, January 9, 12:39 PM ArcelorMittal (MT -3.8%) has submitted a bid to ThyssenKrupp (TYEKF.PK) reflecting its interest in purchasing the German steelmaker's steel plant in Alabama, MT's CFO says. A successful bid would strengthen MT's presence in the U.S. automotive sector while stemming losses at Krupp, which suffered huge cost overruns and massive losses during the ramp-up of the Alabama plant. Comment! [Commodities, On the Move]
Thursday, December 13, 2012, 5:21 AM ArcelorMittal (MT) CEO Lakshmi Mittal confirms the company could be interested in acquiring ThyssenKrupp's (TYEKF.PK) steel plant in Alabama. Credit Suisse's Michael Shillaker reckons that buying the facility, likely to fetch $1B-1.5B, "could be a smart move," but probably would add to MT's high net debt. On France, where MT has had its problems, Mittal says it's still a "place we can do business" in. Comment! [M&A, Commodities]

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