ThyssenKrupp chief executive Ekkehard Schulz has said its automotive division will not be sold, according to Reuters. Recent media reports by the Wall Street Journal were described as ‘nonsense’.
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ThyssenKrupp is planning to acquire Canadian steelmaker Dofasco. It was suggested that the sale of its component division would help ThyssenKrupp fund the acquisition.. ThyssenKrupp would acquire Dofasco from Mittal Steel if Mittal succeeds with its bid for Arcelor.
ThyssenKrupp’s automotive component division is heavily dependent on the Big Three US OEMs and, according to Reuters, has been open about needing to restructure its operations in the US.
ThyssenKrupp has announced that it will concentrate its head offices at two sites in Duisburg and Essen, down from four at present. The large number of sites is a legacy from before 1999 when Thyssen merged with Krupp.
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By GlobalData
