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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  SSAB    SSAB A   SE0000171100

SSAB

(SSAB A)
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Thyssenkrupp CEO: government stake one option to fix steel unit

10/12/2020 | 08:58am EST
German steelmaker Thyssenkrupp AG annual shareholders meeting in Bochum

DUESSELDORF/BERLIN (Reuters) - Thyssenkrupp will consider all options, including selling a stake to the German government, in its plans to fix its ailing steel unit, Chief Executive Martina Merz said.

"State participation is one option," Merz said on Monday at an industry event, days after labour union IG Metall called on Berlin to rescue Germany's largest steelmaker.

"But state participation can also be part of other options. One could imagine a combination," she said, adding it would be possible that the government would take a stake before a third party takes over the business.

"What I want is a long-term solution for Thyssenkrupp."

Last week Economy Minister Peter Altmaier had opposed the idea of the government taking a direct stake, instead favouring support payments to help the industry transition to hydrogen-based steel production.

A spokeswoman for the Economy Ministry confirmed this position, saying new concepts were needed to improve the competitiveness of Germany's steel sector, which has been hit by the coronavirus pandemic as well as cheap Chinese imports.

Thyssenkrupp, whose steel unit likely made an operating loss of about 1 billion euros ($1.2 billion) last year, is also exploring tie-ups with India's Tata Steel, Germany's Salzgitter and Sweden's SSAB, sources have told Reuters.

Armin Laschet, state premier of North Rhine-Westphalia, where Thyssenkrupp is based, said that a state participation was not a priority at the moment.

"Any solution not involving state participations is better because politicians rarely are the better entrepreneurs," he said at the industry event.

Steel workers will stage protests on Friday to further raise pressure.

(Reporting by Tom Kaeckenhoff, Andreas Rinke and Christian Kraemer; Writing by Christoph Steitz; Editing by Maria Sheahan and Edward Taylor)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
NEW CONCEPTS HOLDINGS LIMITED 2.98% 0.173 End-of-day quote.-58.81%
SALZGITTER AG 1.59% 17.545 Delayed Quote.-12.42%
SSAB -1.18% 27.69 Delayed Quote.-14.58%
TATA STEEL LIMITED 5.16% 568.9 End-of-day quote.20.53%
THYSSENKRUPP AG 1.32% 5.684 Delayed Quote.-53.27%
UNITED PARCEL SERVICE, INC. -0.94% 168.96 Delayed Quote.45.65%
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Financials
Sales 2020 64 423 M 7 549 M 7 549 M
Net income 2020 -1 086 M -127 M -127 M
Net Debt 2020 10 824 M 1 268 M 1 268 M
P/E ratio 2020 -25,8x
Yield 2020 1,69%
Capitalization 25 987 M 3 048 M 3 045 M
EV / Sales 2020 0,57x
EV / Sales 2021 0,50x
Nbr of Employees 13 617
Free-Float 81,1%
Chart SSAB
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Technical analysis trends SSAB
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 29,66 SEK
Last Close Price 28,06 SEK
Spread / Highest target 28,3%
Spread / Average Target 5,71%
Spread / Lowest Target -39,4%
EPS Revisions
Managers
NameTitle
Erik Martin Lindqvist President, Chief Executive Officer & Director
Bengt David Harry Kjell Chairman
Håkan Victor Folin Chief Financial Officer & Executive Vice President
Martin Pei Chief Technology Officer & Executive VP
Eva Petursson Executive Vice President-Research & Innovation
Sector and Competitors
1st jan.Capitalization (M$)
SSAB-14.58%3 048
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NUCOR-2.67%16 540
NIPPON STEEL CORPORATION-20.19%11 657
TATA STEEL LIMITED20.53%8 822