NEW YORK Three executive
board members at German steelmaker ThyssenKrupp AG have been
asked to vacate their positions effective Dec. 31 following a
November audit of the troubled Steel Americas project, the
company said late Wednesday.
The audit found that members of
the executive board had based their decisions on the project
"on a series of assumptions and key data which were either
clearly too optimistic or later proved to be incorrect,"
"Further to the issues with
Steel Americas, ThyssenKrupp is currently confronted with the
disclosure of a series of corruption and cartel cases," the
company added without disclosing further details.
The personnel committee of the
companys supervisory board said it will propose at a Dec.
10 meeting to release Olaf Berlien, Jürgen Claassen and
Edwin Eichler from their positions on the board. Claassen asked
to be released from his executive board duties on Dec. 1,
according to the statement. All three have already agreed to
step down, the company said.
For the nine months ended June 30, the companys Steel
Americas divisionwhich is up for salereported a
loss of $781 million (
amm.com, Aug. 10).