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Feb 13, 2013

German steel industry sees no recovery this year

DUESSELDORF, Germany, Feb 13 (Reuters) – Germany’s steel
sector should not get its hopes up following some positive data
at the start of the year, with demand remaining weak and
competition in global markets intensifying, a trade group said
on Wednesday.

“I don’t expect any major leaps,” Hans Juergen Kerkhoff,
president of the German steel association, told Reuters, adding
he did not see any sustainable recovery across Europe either.

Feb 13, 2013

European steel unlikely to recover soon – trade group

DUESSELDORF, Germany, Feb 13 (Reuters) – Signs of recovery
for Europe’s steel sector, a bellwether for the broader economy,
may be a mere flash in the pan, a German trade group said on
Wednesday.

“I don’t see any sustainable recovery of the European
market,” Hans Juergen Kerkhoff, president of the German steel
association, told Reuters on Wednesday.

Feb 12, 2013

ThyssenKrupp warns of bleak 2013 after profit slump

FRANKFURT (Reuters) – ThyssenKrupp AG (TKAG.DE: Quote, Profile, Research, Stock Buzz), Germany’s biggest steelmaker, warned that the coming months would remain bleak after weak steel and car markets caused a drop in profit, and said it did not expect a return to growth until the next financial year.

Steel companies have been struggling to make a profit in the rapidly shrinking European market, where austerity has cut sales of cars and new buildings, and demand is seen declining further this year.

Feb 12, 2013

ThyssenKrupp sees no economic upturn in 2013 after profit slump

FRANKFURT, Feb 12 (Reuters) – ThyssenKrupp AG,
Germany’s biggest steelmaker, warned it saw no global economic
recovery this year after a slump in steel prices and weak car
markets caused a 38 percent drop in quarterly core profit.

Steel companies have been struggling to make a profit in the
rapidly shrinking European market, where austerity has cut
demand for cars and new buildings, and demand is seen declining
further this year.

Jan 23, 2013

Siemens focuses on cost cuts to combat gloomy economy

MUNICH (Reuters) – German industrial bellwether Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) said it would stick with its focus on cost cuts to catch up with peers such as General Electric (GE.N: Quote, Profile, Research, Stock Buzz) as a weak global economy saps demand for factory equipment.

With China’s economy growing at its slowest pace in 13 years in 2012, the euro zone in recession and recovery in the United States still cautious, companies have curbed investment in new machinery and software.

Jan 18, 2013

Thyssen chairman admits to mistakes but won’t quit

BOCHUM, Germany, Jan 18 (Reuters) – ThyssenKrupp AG
Chairman Gerhard Cromme admitted on Friday to making
mistakes that contributed to massive losses at the German
steelmaker, but didn’t bow to pressure from some shareholders to
step down.

“If you ask me whether we as a supervisory board could have
done things better in the past, then my honest answer is ‘yes,
we trusted too long, we could have acted sooner’,” he told the
company’s annual shareholders’ meeting on Friday.

Jan 16, 2013

ThyssenKrupp set for lively shareholder meeting after losses

FRANKFURT, Jan 16 (Reuters) – Some ThyssenKrupp AG
investors have seized on big losses and scandals to call for the
German steelmaker’s chairman to step down but he has the backing
of the biggest shareholder.

Friday’s annual general meeting is expected to be lively
after news headlines involving a botched multi-billion euro
project in the Americas, lavish junkets for journalists and a
cartel fixing the price of rail tracks.

Jan 15, 2013

E.ON, GDF unload Slovakia’s SPP to regional player EPH

FRANKFURT/PRAGUE, Jan 15 (Reuters) – Czech energy company
EPH will buy a 49 percent stake in Slovak gas utility SPP from
Germany’s E.ON and France’s GDF Suez for a
total of 2.6 billion euros ($3.5 billion), pushing ahead in a
multi-billion acquisition strategy.

The deal, whose price tag was announced by E.ON and GDF on
Tuesday and which should be finalised in the coming weeks, is in
line with the western energy companies’ divestment plans and
marks a major step for EPH, which has been looking to expand in
the Czech, Slovak and German markets.

Dec 20, 2012

Deutsche Telekom CEO to resign, finance chief to take over

FRANKFURT (Reuters) – Deutsche Telekom Chief Executive Rene Obermann will step down at the end of next year and be succeeded at the helm of Germany’s former state telecoms monopoly by finance director Timotheus Hoettges.

Hoettges, 50, said on Thursday he was not planning major changes to strategy and would continue Obermann’s drive of investing in the United States and Germany as the firm battles to return to revenue growth against a tough economic backdrop.

Dec 20, 2012

Deutsche Telekom finance head to become CEO at end 2013

FRANKFURT, Dec 20 (Reuters) – Deutsche Telekom
Chief Executive Rene Obermann will step down at the end of next
year and be succeeded at the helm of Germany’s former state
telecoms monopoly by finance director Timotheus Hoettges.

Hoettges, 50, said on Thursday he was not planning major
changes to strategy and would continue Obermann’s drive of
investing in the United States and Germany as the firm battles
to return to revenue growth against a tough economic backdrop.