The largest manufacturer of stainless steel sheet sells assets
Metallurgical concern ThyssenKrupp (Germany) has completed the sale of part of own shares in the amount of €1.6 billion According to the official report of the company’s management, such measures have been taken to reduce the amount of debt of the company resulting from investing in foreign assets. Recall that less than a year ago, ThyssenKrupp has commissioned several plants in the United States (Alabama, production of stainless steel and metal) and in Brazil (capacity for the production of slabs). According to official data, the amount financial debt of the group in June of the current year amounted to €6.5 billion Earlier in the profile the media has reported that according to analysts at ThyssenKrupp, break-even (EBIT) American and Brazilian plants for the production of stainless steel slabs and will be released in 2012 and the 2013th year will be marked for this area of the company’s first significant profits. For the current year for these businesses, the expectations of experts were far from optimistic. However, the results of the work of the entire Corporation, operating profit in the 2nd quarter of this year amounted to 497 million euros, and almost 80% higher than the previous figures. Today, however, the German concern had to be sold 49.5 million of its own Treasury shares, which amounted to about 10 part of the total capital ThyssenKrupp. The company also owns offices and subsidiaries in more than 80 countries, and its turnover is estimated at 80 billion US dollars. In the General system of sales of ThyssenKrupp, part of the «stainless» of the company’s business is about¼, and the total value of assets for the production of stainless steel is estimated at €4 billion.