ThyssenKrupp targets May for Americas sale

Feb 12, 2013 | 04:48 PM | Catherine Ngai

Tags  ThyssenKrupp, Steel Americas, stainless steel, Heinrich Hiesinger, Catherine Ngai

NEW YORK — ThyssenKrupp AG is aiming to sign a sales agreement for its Steel Americas division by May, the German steelmaker’s top executive said Feb. 12 as the struggling unit logged another quarter in loss-making territory.

"We are always very clear that we can control the (sales) process until signing, at least to a certain extent, (and) we’ve always said that we’ll put all efforts to come to such a situation somewhere in May," chairman and chief executive officer Heinrich Hiesinger said during the company’s fiscal first-quarter earnings call.

"Our Steel Americas exit is well on schedule," he added.

While the company aims to sign a sales agreement by May, closing on the potential deal will take more time, Hiesinger said. Bidding on the unit has closed, but the company has previously said a potential sale could take until 2014 to conclude (amm.com, Oct. 9).....





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