TK’s Calvert mill sale first step in rebalancing

Dec 02, 2013 | 01:39 PM | Catherine Ngai

Tags  ThyssenKrupp, Calvert mill, Steel Americas, Heinrich Hiesinger, Catherine Ngai

CALGARY, Alberta — The sale of ThyssenKrupp AG’s Calvert, Ala., facility will be the steelmaker’s first step toward balancing its cash flows and reducing market risk, its top executive said Nov. 30.

"The agreement is really a first major step in decoupling the (Steel Americas) plants, which reduces our foreign exchange exposure and market risk in the U.S.," chief executive officer Heinrich Hiesinger said during the Essen, Germany-based company’s fiscal fourth-quarter earnings conference call.

Global steelmakers ArcelorMittal SA, Luxembourg, and Nippon Steel & Sumitomo Metal Corp., Tokyo, jointly announced an agreement to buy ThyssenKrupp’s Calvert facility last week for $1.55 billion (, Dec. 1).....

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