ThyssenKrupp confirms investment plan to upgrade steel mill
2020-02-20 16:37:35 [Print]
Thyssenkrupp, the world's leading steelmaker, has determined the amount of investment in its steel mills.
ThyssenKrupp's plan to merge with Tata Steel Europe last year was rejected by the European Commission, and the company has since planned to upgrade its steel mills to enhance its overall competitiveness.
ThyssenKrupp's Chief Financial Officer Johannes Dietsch said that in order to support the plan, the company will spend about EUR500 million annually on steel mills and will spend an additional EUR800 million (USD864 million) over the next six years. In recent years, ThyssenKrupp has invested approximately EUR470 million (USD508 million) in its steel plants each year.
At present, ThyssenKrupp's Duisburg steel plant in Germany is not within the scope of the investment plan. ThyssenKrupp is seeking cooperation opportunities or will sell or shut down the mill.
ThyssenKrupp's plan to merge with Tata Steel Europe last year was rejected by the European Commission, and the company has since planned to upgrade its steel mills to enhance its overall competitiveness.
ThyssenKrupp's Chief Financial Officer Johannes Dietsch said that in order to support the plan, the company will spend about EUR500 million annually on steel mills and will spend an additional EUR800 million (USD864 million) over the next six years. In recent years, ThyssenKrupp has invested approximately EUR470 million (USD508 million) in its steel plants each year.
At present, ThyssenKrupp's Duisburg steel plant in Germany is not within the scope of the investment plan. ThyssenKrupp is seeking cooperation opportunities or will sell or shut down the mill.
