TK’s Calvert mill sale first step in rebalancing
Dec 02, 2013 | 01:39 PM
| Catherine Ngai
CALGARY, Alberta The sale of ThyssenKrupp AGs Calvert, Ala., facility will be the steelmakers 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 companys fiscal fourth-quarter earnings conference call.
Global steelmakers ArcelorMittal SA, Luxembourg, and Nippon Steel & Sumitomo Metal Corp., Tokyo, jointly announced an agreement to buy ThyssenKrupps Calvert facility last week for $1.55 billion (amm.com, Dec. 1).....
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