“Sz”: billion-dollar disaster looms at thyssenkrupp

According to the report, the group’s head office is running through various scenarios according to which the sale would generate proceeds of one, two, three or four billion euros. A company spokesman did not want to comment on this on wednesday.

The two plants, which only started operation in 2010, are still valued at seven billion euros. According to the most recent figures, the plants have cost around twelve billion euros. Thyssenkrupp stock initially fell slightly on the stock exchange. Analyst bastian synagowitz of deutsche bank pointed to possible write-downs on steel americas steel mill division.

For weeks it has been apparent that the price expectations of potential buyers and those of thyssenkrupp are far apart. In the meantime, the second phase of the selection of interested parties is underway. The latter will be given the opportunity to analyze the plants and submit binding purchase offers. It is possible to sell both buildings as a unit or to sell them separately to different investors.

The recently completed plants have turned into a billion-dollar mine for thyssenkrupp due to planning errors and changing conditions such as the renewal of the brazilian tariff. In operations, they cause high losses. In may, ceo heinrich hiesinger pulled the ripcord and put the plants up for sale.

The manager wants to transform the group more strongly into a technology company. He is hampered in this by the almost six billion euros in debts, which were incurred primarily through the construction of the steel mills overseas.

Already in the past fiscal year 2010/2011 (30.9.) billion-euro write-downs on steel had pushed the essen-based industrial group deep into the red with a loss of 1.78 billion euros. The company will present its financial statements for the 2011/2012 fiscal year on tuesday, 11 march. Submit december.

An "intensive" search is underway at thyssenkrupp for those responsible for the disaster overseas, writes the "suddeutsche zeitung". Thyssenkrupp is currently reviewing the possible liability of the old executive board in this connection. The supervisory board had been presented with reports containing "in some cases serious accusations" against the former head of the group, ekkehard schulz. In response to a question from the SZ, the former CEO stated that he was no longer a member of the company and did not wish to make a fool of himself. A company spokesman also declined to comment on the matter.

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