Steelmaker Thyssenkrupp sells mining technologies business to FLSmidth

German steelmaker Thyssenkrupp said Sept. 1 that it has completed the sale of its mining business to Danish engineering, equipment and solutions provider to the mining and cement industries FLSmidth.

Thyssenkrupp has completed the sale, initiated in July 2021, of the mining technologies business unit to the Danish company FLSmidth, which it sees as a step towards becoming a high-performance group, the company said.

Completion of this transaction has also improved the company’s financial position and strengthened its balance sheet, it added.

“With the sale of the mining business, we are further tightening our portfolio and taking a major step towards our goal of becoming a highly efficient group with strong, independent and specialized businesses,” said Thyssenkrupp CEO Volkmar Dinstuhl.

In the past 10 months, Thyssenkrupp had completed the sale of the infrastructure business and the AST stainless steel mill. The sale of mining technologies is now the third of its kind in the current business year.

Thyssenkrupp Mining Technologies offers tailored mining solutions and employs 2,200 people at 40 locations worldwide.

— Ekaterina Bouckley