London (Platts)--8Feb2013/830 am EST/1330 GMT
ThyssenKrupp is planning to dispose of some of its processing units as it hopes to make savings of Eur500 million ($674.72 million) in its steel division by 2015, the company said in a statement on Friday. The company said it is currently investigating the "closure, relocation or sale" of its coil coating line in Duisburg-Beeckerwerth, an electrolytic coating line at its Dortmund plant and the cold-rolling and coating plant in Neuwied. The grain-oriented electrical steel products of ThyssenKrupp's electrical steel business and the hot-dip galvanizing line at its Galmed plant in Spain are also being considered. In addition, ThyssenKrupp said it would be cutting 2,000 jobs within its steel business, whose workforce currently numbers just under 27,600. The company added that a further 1,800 jobs might be lost as a result of possible disposals. Article continues below...Platts 9th Steel Markets Europe ConferenceMay 23-24, London, UKPlatts' flagship steel conference will provide a complete overview of developments in Europe's steel industry and its markets. Participants will address those issues of interest to Europe's steel producers, traders, distributors and end users, including supply / demand dynamics, price direction, raw material markets, regulatory considerations and credit availability.
ThyssenKrupp is planning to dispose of some of its processing units as it hopes to make savings of Eur500 million ($674.72 million) in its steel division by 2015, the company said in a statement on Friday. The company said it is currently investigating the "closure, relocation or sale" of its coil coating line in Duisburg-Beeckerwerth, an electrolytic coating line at its Dortmund plant and the cold-rolling and coating plant in Neuwied. The grain-oriented electrical steel products of ThyssenKrupp's electrical steel business and the hot-dip galvanizing line at its Galmed plant in Spain are also being considered. In addition, ThyssenKrupp said it would be cutting 2,000 jobs within its steel business, whose workforce currently numbers just under 27,600. The company added that a further 1,800 jobs might be lost as a result of possible disposals.
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Platts' flagship steel conference will provide a complete overview of developments in Europe's steel industry and its markets. Participants will address those issues of interest to Europe's steel producers, traders, distributors and end users, including supply / demand dynamics, price direction, raw material markets, regulatory considerations and credit availability.
The measures are part of the company's optimization program to raise the steel unit's profitability and competitiveness. Sales at the European steel division fell by 14% to Eur10.9 billion in ThyssenKrupp's last fiscal year (October-September), while orders also dropped by 15% to Eur10.5 billion. The division's pre-tax earnings dropped from Eur1.1 billion to Eur188 million in 2011-12.--Sara Macham, sara_macham@platts.com--Edited by Jonathan Fox, jonathan_fox@platts.com
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