ThyssenKrupp considers pulling out of Brazil and Alabama

Friday, 20 January 2012 01:49:52 (GMT+2)

According to German publication Manager Magazin, ThyssenKrupp is contemplating the sale of its steel plants in Brazil and the US state of Alabama. It is reported that CEO Heinrich Hiesinger is strongly considering the sale of the factory in Brazil with the belief that Brazilian miner Vale SA will come forward as a potential buyer since the company already has 25 percent stake in the factory. Part of the reason for this consideration could be that the construction of the two plants equaled EUR10 billion, which was above the original calculations.

ThyssenKrupp is expected to address rumors of the sale at its annual general meeting to be held Friday, January 20.

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