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Thyssenkrupp and Salzgitter Merger News Resurfaces

Steel News - Published on Mon, 13 Jan 2020

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After the failed merger with the Indian steelmaker Tata under her predecessor Guido Kerkhoff, Ms Merz is looking for new strategies to lead the group with its around 160,000 employees out of the crisis. German weekly news magazine Der Spiegel reported that Thyssenkrupp is considering reviving plans for a steel merger with Salzgitter. Spiegel reported that ThyssenKrupp boss Ms Martina Merz will soon speak to the long-time Salzgitter boss Heinz Jörg Fuhrmann and appropriate options could be explored.

A ThyssenKrupp spokesman said “The implementation of the steel strategy announced in December is our priority. But it is also true that we still consider consolidating the European steel industry to be advantageous.”

Salzgitter however said "Ms Merz and Prof Fuhrmann knew each other personally before Ms Merz became CEO of Thyssenkrupp AG. They both met last year, which is self-evident and therefore not very spectacular."

A possible merger of Thyssenkrupp and Salzgitter has been discussed several times in the past. Fuhrmann said in an interview that “He had never seen a concept for a merger with a competitor that offered advantages for both sides but of course I can't and don't want to rule out that one day there might be."

In 2019, the EU Commission prohibited the long-planned merger of the ThyssenKrupp steel division with the European branch of Indian competitor Tata to protect competition.

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Posted By : Rabi Wangkhem on Mon, 13 Jan 2020
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