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Tuesday, Dec 312:57 PMTop ThyssenKrupp shareholder opts out of cash call
Tuesday, Dec 312:57 PM| Comment!
- The balance of power shifts at ThyssenKrupp (TYEKY, TYEKF), as the Krupp foundation, which has controlled the company since the 1960s, sat out a capital increase today due to a lack of cash, diluting its stake and losing its veto right.
- Cevian Capital Partners, an activist shareholder already with a 6%-plus stake and which has invested in several other European companies, purchased a "significant" part of the shares on offer but less than half of the entire placement volume, WSJ reports.
- Germany's largest steelmaker has been undergoing a deep restructuring as it grapples with weak demand and overcapacity in the European steel industry.
Sunday, Dec 12:35 AMThyssenKrupp expects antitrust investigation into sale of mill
Sunday, Dec 12:35 AM| Comment!
- ThyssenKrupp (TYEKY, TYEKF) CEO Heinrich Hiesinger expects U.S. antitrust authorities to scrutinize his company's $1.55B sale of its troubled steel mill in Alabama to ArcelorMittal (MT) and Nippon Steel & Sumitomo Metal (NSSMY).
- "Considering the already dominant market position of ArcelorMittal in the U.S. (auto steel) market, it is likely that authorities will take their time to look into this transaction," Hiesinger said.
- ArcelorMittal doesn't expect to encounter problems getting the deal approved even though the company controls almost 40% of the market for North American auto steel.
Friday, Nov 2910:27 PMThyssenKrupp announces capital increase with deal for Alabama plant
Friday, Nov 2910:27 PM| 1 Comment
- ThyssenKrupp (TYEKY, TYEKF) confirms an agreement to sell its troubled Alabama steel plant to a joint venture formed by ArcelorMittal (MT) and Nippon Steel & Sumitomo Metal for $1.55B. (earlier)
- The German steelmaker says it would increase its capital by as much as 10% in the deal, excluding subscription rights, which would raise close to €1B ($1.36B) at its current share price.
- Thyssen still is stuck with its 73% stake in Brazil's CSA, which it also had wanted to sell, but the deal includes a six-year agreement for the U.S. plant to buy 2M tons/year of steel slab from CSA, or 40% of the Brazilian mill's capacity; the arrangement should mean a drop in raw steel imports into the U.S. and less downward pressure on prices.
- "There'll be a psychological impact, and that will probably stop price erosion, and then you'll see a long-term impact six and nine months from now," the publisher of Steel Market Update tells WSJ.
Friday, Nov 2912:58 PMReuters: ThyssenKrupp sweetens deal for Alabama plant
Friday, Nov 2912:58 PM| Comment!
- ThyssenKrupp (TYEKY, TYEKF) agrees to compensate buyers of its Alabama steel plant for any underperformance in the next few years to seal a long-awaited deal to be outlined later today, Reuters reports.
- The buyers, a consortium of ArcelorMittal (MT) and Nippon Steel, reportedly will pay ~$1.5B for the steel finishing plant.
- Analysts say it isn't surprising that ThyssenKrupp offered concessions to clinch the sale but they would have to see the details to judge if it was a good deal; in any case, it paves the way for a much-needed capital increase at Thyssen, with several bankers saying they expected such a move as early as Monday evening.
Tuesday, Nov 195:28 PMThyssenKrupp in exclusive negotiations to sell Alabama steel plant
Tuesday, Nov 195:28 PM| Comment!
- ThyssenKrupp (TYEKY) said it is in exclusive negotiations on the sale of its Alabama steel plant. ArcelorMittal's (MT +0.6%) CFO recently expressed interest in the operation.
- The German steelmaker has been shopping the plant, as well as its Brazilian mills, for over a year and a half - they have hurt its bottom line and sapped capital for years.
Thursday, Nov 77:46 AMArcelorMittal still interested in Alabama steel plant, CFO says
Thursday, Nov 77:46 AM| Comment!
- ArcelorMittal (MT) remains interested in a potential purchase of ThyssenKrupp's (TYEKY, TYEKF) steel rolling mill in Alabama, CFO Aditya Mittal said in this morning's earnings call.
- Shares +5.7% premarket after reporting improved Q3 results and offered an optimistic outlook; analysts say the results probably would prompt market upgrades of core profit forecast by 2%-4%.
Friday, Oct 254:56 PMWSJ: ThyssenKrupp may expand in Brazil, exit U.S.
Friday, Oct 254:56 PM| 3 Comments
- ThyssenKrupp (TYEKY TYEKF) again has redrawn plans for its unprofitable steel operations in the Americas, and it may exit the U.S. while expanding in Brazil, retaining its stake in a steel-making plant there and finding a partner to build another, WSJ reports.
- While a spokesman says the company is still in advanced talks with one leading bidder involving its plants in Brazil and Alabama, sources say it more likely will sell only its Calvert, Ala., steel mill.
- Months of negotiations with Brazil's SID have failed to reach a deal for the Alabama plant, but ArcelorMittal (MT) is believed to remain a serious bidder.
Wednesday, Sep 257:42 AMEurope's Cevian Capital takes stake in ThyssenKrupp
Wednesday, Sep 257:42 AM| Comment!
- European activist investor Cevian Capital acquires a 5.2% stake in steelmaker ThyssenKrupp (TYEKY.OB, TYEKF.PK), saying its shares are undervalued but that it was encouraged so far by a recent strategic shift by management.
- ThyssenKrupp has said it would restructure the company - cutting costs, shopping its loss-making Steel Americas operations and streamlining its European steel operations - so Cevian's next move is not clear.
- Shares are ~3.5% higher in Frankfurt trading.
Monday, Aug 123:50 PMIn latest twist, ThyssenKrupp reportedly may keep Brazil mill
Monday, Aug 123:50 PM| 1 Comment
- ThyssenKrupp (TYEKY.OB, TYEKF.PK) is considering keeping its unprofitable Brazilian steel mill but selling its Alabama plant to Brazil's SID, which also would agree to purchase 3M tons/year of steel from the Brazilian mill, WSJ reports.
- Other options remain on the table, including a joint bid by ArcelorMittal (MT) and Nippon Steel (NSSMY.PK).
- Cleaning up the Steel Americas mess tops the to-do list at the German company, which has written down the value of the two plants by $10.7B since 2010.
Friday, Jul 269:56 AMSiderurgica Nacional (SID +5%) pops at the open after reports say talks concerning the purchase of two ThyssenKrupp steel plants broke down; the apparent sticking point is the price of the Alabama facility. An agreement in principle to buy a ~33% stake in ThyssenKrupp's plant in Brazil could be jeopardized; SID wants control of both plants, and sources say if it cant have both, it might walk away. |Friday, Jul 269:56 AM| Comment!
Thursday, Jul 257:21 PMThyssenKrupp (TYEKY.OB, TYEKF.PK) reportedly fails to reach a deal with Brazil's SID over the sale of two steel plants in the Americas, a serious blow to the steelmaker's efforts to unload unprofitable assets and shore up its balance sheet. The main sticking point appears to be the relatively new steel plant in Alabama that received a higher competing bid from ArcelorMittal (MT) and Sumitomo (NSSMY.PK). |Thursday, Jul 257:21 PM| Comment!
Tuesday, Jul 2311:51 AMThyssenKrupp (TYEKY.OB) is fined €88M ($115.8M) by German competition authorities for its part in a price-fixing cartel, and warns it can't rule out further charges for alleged price manipulation. The fine and the prospect of more fines come at a delicate time for the steelmaker, which has struggled for at least a year to sell two loss-making steel mills to help cut a €5.3B debt. |Tuesday, Jul 2311:51 AM| Comment!
Friday, Jul 52:39 PMThyssenKrupp (TYEKY.OB, TYEKF.PK) is working with banks on a plan to raise $1B by September, according to German reports, a move intended to help fix the ratio of its equity to its level of debt. A spokesman for the steelmaker, reeling from losses at the Steel Americas unit it's trying to sell, tells Reuters there is no decision nor any concrete plan to raise capital. |Friday, Jul 52:39 PM| Comment!
Friday, Jul 510:40 AMThe price of benchmark U.S. hot-rolled steel coil (SLX) was reported up at $630/ton this week, a 10%-plus jump since a 2013 low of $570 on May 28 and reversing a six-month slide caused by excess capacity. Part of the increase is seasonal, but prices are above their year-ago level of $599/ton.The speed of the rise spooks some steel buyers; "when prices go up fast like this, they often go down fast, too." |Friday, Jul 510:40 AM| Comment!
Monday, Jun 39:38 AMThyssenKrupp (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. |Monday, Jun 39:38 AM| Comment!
Wednesday, May 2911:54 AMVale (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. |Wednesday, May 2911:54 AM| Comment!