Thyssenkrupp: Expert Opinion Provides a Positive Outlook for the Steel Industry

According to a specialist opinion on the financial needs of Thyssenkrupp's steel division affected by the crisis, a positive outlook on the company's ability to continue its operations has been reported. Thyssenkrupp stated that based on this report, the parent company has made a financing commitment to secure the steel business's liquidity for the next two years. Confirming a report published in the weekly magazine Der Spiegel, the company said, "This means that there is now clarity regarding the financing situation of the steel division." Thyssenkrupp commissioned two external reports to conduct an in-depth examination of the short and long-term financial health and needs of the steel division. The first review will serve as a basis for the second report, which will be used for future decisions related to the steel division and is scheduled to be published next year. Earlier this month, Thyssenkrupp announced that it had further reduced the value of its steel division by 1 billion euros ($1.04 billion), attributing the deteriorating outlook in the sector to weak demand and competition in Asia. Thyssenkrupp is pursuing a 50/50 joint venture in steel with Czech billionaire Daniel Kretinsky, but is negotiating with other steel producers in case this does not materialize, following previous unsuccessful attempts to sell the division in recent years.