Experts give positive update on Thyssenkrupp steel, reports Spiegel

BERLIN (Reuters) – Independent experts looking into the financial needs of Thyssenkrupp’s steel business have taken a positive view on its ability to continue as a going concern, Germany’s Der Spiegel magazine reported on Sunday.

Citing informed sources, Der Spiegel reported that the steel business has financial security for at least for two years.

There was no immediate comment from the company when contacted by Reuters.

In September, Thyssenkrupp commissioned two external reports to take a deep look at the steel business’s short- and long-term financial health and needs.

Earlier this month, Thyssenkrupp said it had written down the value of its steel division by another 1 billion euros ($1.04 billion), blaming the sector’s worsening outlook mainly on weak demand and Asian competition.

Thyssenkrupp is pursuing a steel joint venture with Czech billionaire Daniel Kretinsky but is seeking talks with other steelmakers in case that falls though after previous attempts to sell the division have failed in recent years.

($1 = 0.9600 euros)

(Reporting by Tom Kaeckenhoff; Writing by Madeline Chambers;Editing by Elaine Hardcastle)

Brought to you by www.srnnews.com

Click here to read the full article