ThyssenKrupp CEO seeks review of German steel business: Report

FRANKFURT: ThyssenKrupp Chief Executive Heinrich Hiesinger wants to examine all options regarding the future of its German steel business, including a spin off and a public flotation, a German magazine reported on Saturday, citing supervisory board sources.

WirtschaftsWoche said the management board wanted to make a decision on the issue by summer next year at the latest.

A spokesman for ThyssenKrupp declined to comment to Reuters. Germany's biggest steelmaker on Dec. 5 announced three management board members were leaving the company, including the head of steel operations.

The German media have reported there are no immediate replacements for the three executives.

ThyssenKrupp, which sold its worldwide stainless steel business to Finland's Outokumpu this year, has put on the block its U.S. and Brazilian carbon steel mills.

German weekly magazine Focus reported on Saturday labour representatives sitting on the supervisory board were worried the company might divest the steel plant in Duisburg, Germany.

WirtschaftsWoche said ThyssenKrupp was now examining the sale of Bilstein, which makes damping and suspension products for vehicles, and Presta, producer of steering gears.

Hiesinger, who took over the helm last year, is restructuring the company and selling non-core assets to raise money for investments in its engineering and technology businesses.