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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ArcelorMittal    MT   LU1598757687

ARCELORMITTAL

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Germany's Thyssenkrupp to seek new steel partners, CEO tells paper

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05/12/2019 | 12:07pm EDT
FILE PHOTO: Guido Kerkhoff, CEO of steelmaker Thyssenkrupp AG, gestures during the annual shareholders meeting in Bochum

FRANKFURT (Reuters) - Thyssenkrupp will still seek partners for its steel operations after abandoning a European merger with India's Tata Steel, Chief Executive Guido Kerkhoff said in comments published on Sunday.

Kerkhoff ditched a restructuring plan on Friday, in which the merger was a key part, and resolved instead to transform the steel-to-submarines group into a holding company and list its profitable elevators business.

He has since agreed on a way forward with labour unions for his new strategy, which foresees 6,000 job cuts, about 4% of the Thyssenkrupp workforce. The blueprint will go to a supervisory board vote on May 21.

Thyssenkrupp abandoned its long-planned merger of its steel business with the European operations of Tata Steel, which would have created the region's No.2 producer after ArcelorMittal, due to opposition from European Union regulators.

"Of course, with steel, we are looking to see what other consolidation options there are," Kerkhoff told the Handelsblatt business daily's online edition.

"But with the current position of the European Commission, I don't see the possibility of bigger mergers. As a result, we will remain the majority shareholder."

Thyssenkrupp, which has warned it would report negative cash flow this year, is seeking a financial shot in the arm from the partial float of its elevators division.

"We will get cracking on that as quickly as possible and then see what the right moment is," Kerkhoff told Handelsblatt.

Asked whether investors could expect a special dividend from the float's proceeds, Kerkhoff said: "We want to strengthen the balance sheet of Thyssenkrupp to gain more room for manoeuvre on the restructuring. That has absolute priority."

Activist investors have been clamouring for Thyssenkrupp to monetise its elevators business, which analysts estimate could be worth as much as 14 billion euros (12.08 billion pounds), twice the market capitalisation of the parent company.

(Reporting by Douglas Busvine; Editing by Edmund Blair)

Stocks treated in this article : thyssenKrupp, Tata Steel, ArcelorMittal
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL 0.58% 14.458 Delayed Quote.-20.76%
TATA STEEL -5.72% 473.1 End-of-day quote.-9.20%
THYSSENKRUPP -0.64% 11.705 Delayed Quote.-21.40%
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Financials ($)
Sales 2019 74 802 M
EBIT 2019 4 836 M
Net income 2019 3 372 M
Debt 2019 8 015 M
Yield 2019 1,67%
P/E ratio 2019 4,62
P/E ratio 2020 4,27
EV / Sales 2019 0,31x
EV / Sales 2020 0,30x
Capitalization 15 535 M
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Technical analysis trends ARCELORMITTAL
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 27,7 $
Spread / Average Target 81%
EPS Revisions
Managers
NameTitle
Lakshmi Niwas Mittal Chairman & Chief Executive Officer
Aditya Mittal President & Chief Financial Officer
Brian E. Aranha CTO, Executive VP, Head-Research & Development
Michel Wurth Non-Independent Non-Executive Director
Vanisha Mittal Bhatia Non-Independent Non-Executive Director
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