Thyssenkrupp in Talks with 3 Firms for Steel Business

A person familiar with the matter, reported that ThyssenKrupp is in talks with international peers about consolidating its loss-making steel business. Sources told Reuters that contact between Thyssenkrupp and Tata Steel never broke off and that both were still in talks about consolidation. Business paper Handelsblatt said that Thyssenkrupp was also in discussions with Sweden’s SSAB and China’s Baoshan Iron & Steel and that both were interested in a majority of the German firm’s steel unit. The talks, to be unveiled as part of a strategy revamp on Monday which is likely to include shutting or selling assets, follow a 372 million euro loss Thyssenkrupp Steel Europe posted in the first half of the group’s fiscal year.