MAN to quit steel trading business
German engineering group MAN announced that the company would shut down its steel
trading business in order to simplify its Ferrostaal division.
The company took the decision to simplify its Ferrostaal division which is also known as "the conglomerate within a conglomerate". Furthermore, low profits and high costs in steel
trading also supported the decision.
The operations of Man Ferrostaal cover many industries from the
distribution of submarines to the planning of chemical plants.
The company plans to simplfy Ferrostaal division so that it would in the future consist of two parts: contracting for large projects, and industrial logistics. The division will also act as the sales platform for the entire group.