Thyssenkrupp Weighs Steel, Submarine Sale in Survival Fight

Thyssenkrupp AG is considering the sale of units that make steel and submarines as the conglomerate fights for survival in the aftermath of the coronavirus pandemic, Bloomberg News reported. The company said on Monday it will explore “consolidation options” for the two businesses in the latest plank in management’s strategy to downsize the firm and concentrate on higher-margin business areas after years of struggles. “We have taken some difficult decisions that were long overdue,” Chief Executive Officer Martina Merz said in a statement. “Thyssenkrupp will emerge smaller but stronger from the transformation.” Once a byword for German engineering prowess, Thyssenkrupp is being gradually split apart. The steel unit, the traditional heart and soul of the company, burned through over 1 billion euros ($1.09 billion) in cash in the six months ending March 31. It’s struggled for years against cheaper competition from Asia. Read more