LONDON Steel producer and technology group ThyssenKrupp AG has denied reports that it is planning a capital increase of 790 million ($1.02 billion) in September.
"We currently have no concrete plans for a capital increase," a company spokesman told AMM sister publication Steel First July 8, although "the use of such a measure cannot be ruled out completely."
Reports in the German newspaper Frankfurter Allgemeine Zeitung last week suggested that a banking consortium led by Commerzbank was helping the Essen, Germany-based group raise capital to lower the companys net debt levels, which have risen on the back of delays in the sale of its Steel Americas business.
According to ThyssenKrupp, an assessment on a potential future capital increase can only be made after a successful sale of Steel Americas and an evaluation of its compliance program.
Brazilian steel and iron ore producer Cia. Siderúrgica Nacional SA (CSN) confirmed in May that it was negotiating the terms and conditions of a potential acquisition of ThyssenKrupps assets in Brazil and the United States (amm.com, May 21).
ThyssenKrupp posted a net loss attributable to shareholders of 656 million ($843.6 million) for its fiscal second quarter ended March 31 due to impairment costs related to the sale of the assets (amm.com, May 15).
A version of this article was first published by AMM sister publication Steel First.