Thyssenkrupp opens steel books for Liberty Steel

The efforts to find a solution for the troubled steel division of Thyssenkrupp are gaining momentum, as various media outlets report. The MDax-listed industrial corporation is now letting its competitor Liberty Steel, which is planning to buy the Essen-based steel business, have a look at its books. "Thyssenkrupp and Liberty Steel have agreed to enter a further process phase," a company spokesman said on Wednesday in response to an inquiry. Liberty Steel will soon "gain insight into key business data of the steel business of Thyssenkrupp".

A decision on how to proceed with the steel section of Thyssenkrupp is to be made in March, according to Executive Board Chairman Martin Merz. In the 2019/20 fiscal year, which expired at the end of September, the long-established group had recorded a loss of almost one billion euros in its steel business.

Source: ARD, Photo: Fotolia