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ThyssenKrupp is a diversified industrial group. It has around 180,000 employees in over 80 countries developing ideas and innovations into solutions for sustainable progress.
Monday, Apr 149:11 AM
Monday, Apr 149:11 AM| 1 Comment
- Saab (SAABF) says it is in preliminary talks to buy ThyssenKrupp's (TYEKY, TYEKF) Swedish shipyard, underscoring its bid to become a serious player in the submarine and naval ships business.
- Neither company discloses the potential value of the deal, saying negotiations are at an early stage; ThyssenKrupp Marine Systems, formerly known Kockums, had a total revenue of 1.68B Swedish kroner ($256M) in 2013.
- Saab, unaffiliated with the car company with the same name, is best known for building fighter jets and other defense systems.
Monday, Mar 242:58 PM
Monday, Mar 242:58 PM| Comment!
- A dispute between the Swedish armed forces and ThyssenKrupp (TYEKY, TYEKF) has prompted the country to pull contracts for the next generation of submarines from the world's largest exporter of non-nuclear submarines and threatens one of the company's most profitable operations.
- Sweden has signaled that it is considering giving the work to Saab (SAABF), which currently doesn't even build manned submarines.
- Swedish officials are said to be upset that their country hasn't exported a new submarine since Swedish submarine maker Kockums was integrated into ThyssenKrupp in 2005, WSJ reports.
Tuesday, Mar 118:59 AM
Tuesday, Mar 118:59 AM| Comment!
- ThyssenKrupp (TYEKY, TYEKF) says it will scrap the sale of its railway and construction business after failing to attract an acceptable bid; instead, the German steelmaker now plans to discontinue its railway equipment activities, selling some of its parts and closing some sites.
- However, the company says the profitable construction equipment operations will remain within the materials services division and undergo a restructuring.
- The planned disposal of the businesses, which have combined annual sales of ~€400M ($524M), was prompted by limited growth prospects in the German market and cost pressures.
Tuesday, Mar 43:41 PM
Tuesday, Mar 43:41 PM| Comment!
- 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.
Friday, Feb 1411:43 AM
Friday, Feb 1411:43 AM| Comment!
- ThyssenKrupp (TYEKY, TYEKF) produces some evidence that its turnaround plan is working, as its FQ1 EBITDA more than doubled Y/Y to €247M (~$336M) and beat expectations of €209M, attributed to robust orders at the company’s capital goods businesses, including elevators and industrial plants.
- ThyssenKrupp significantly reduced losses at its Steel Americas unit, which it decided to partially sell in December, while benefiting from a weaker Brazilian real and lower fuel rates.
- Analysts remain cautious: "Despite an impressive first quarter the stock has run hard and the Steel Europe rump is now looking stretched,” Citigroup says, but at least the company's existence no longer looks threatened.
Friday, Jan 174:57 PM
Friday, Jan 174:57 PM| Comment!
- 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.
Tuesday, Dec 32013, 12:57 PM
Tuesday, Dec 32013, 12:57 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 12013, 2:35 AM
Sunday, Dec 12013, 2:35 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 292013, 10:27 PM
Friday, Nov 292013, 10:27 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 292013, 12:58 PM
Friday, Nov 292013, 12:58 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 192013, 5:28 PM
Tuesday, Nov 192013, 5:28 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 72013, 7:46 AM
Thursday, Nov 72013, 7:46 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 252013, 4:56 PM
Friday, Oct 252013, 4:56 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 252013, 7:42 AM
Wednesday, Sep 252013, 7:42 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.
Saturday, Aug 242013, 9:59 AM
Saturday, Aug 242013, 9:59 AM| 1 Comment
- Atlas Elektronik, a joint venture between EADS (EADSF.PK) and ThyssenKrupp (TYEKY.OB), was raided this week in connection with the alleged payment of €18M in bribes in connection with an order of submarine equipment from Greece.
- ThyssenKrupp contacted authorities about the matter in 2010 after a "compliance investigation," Reuters says.
Monday, Aug 122013, 3:50 PM
Monday, Aug 122013, 3:50 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.