Steel News

thyssenkrupp Delays Steel Division Spinoff Until 2022

8/12/2021 - Buoyed by higher steel prices and rising demand, the German conglomerate will defer its planned spinoff of its Steel Europe division until next spring, according to Industry Europe magazine.
According to the publication, thyssenkrupp saw its third-quarter steel sales hit €2.4 billion, up €1 billion compared to the prior year. The company also anticipates further increases in revenue as the effect of higher raw material prices begin to impact its longer-term contracts.

However, Industry Europe reports that thyssenkrupp still views the spinoff of Steel Europe into an independent business as its best option for a sustainable future.

“A pure, independent steel company will have more opportunities to develop in a sustainable way,” said thyssenkrupp chief financial officer Klaus Keysberg, according to Industry Europe.

You can read Industry Europe’s full article here.