Thyssenkrupp resumes Steel spinoff: reports

Thyssenkrupp has resumed the spin-off of its Steel division that it suspended late last year, according to press reports.

The group declined to comment on what it calls “market rumours” about its spin-off plans. “The independence of the Steel division is part of thyssenkrupp’s integral strategy,” the company tells Kallanish. Market rumours and media reports are “to be expected during the taking-shape of this project”. The wording leaves it unclear whether the long-standing plan is currently gaining momentum.

Reuters reported this week, citing two sources close to the matter, that thyssenkrupp is working with Goldman Sachs to reach a divestment of tk Steel. Goldman Sachs declined to comment. “One of the sources said that the division could be valued at €1.5 billion ($1.6 billion), excluding pension obligations,” the news agency reported. Interested parties include private equity group CVC, Brazil’s Companhia Siderúrgica Nacional (CSN) and India’s Jindal Group, it added.

CSN has informed its shareholders about the report, clarifying that “it always evaluates investment opportunities in line with its business strategy.” However, “at this moment, there is no binding fact or document that deserves disclosure to the market under the terms of the legislation in force,” it says.

Christian Koehl Germany