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Jan 28, 2014

Siemens says must press on with cost cuts

MUNICH (Reuters) – Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) needs to press on with cost cuts, its chief executive said on Tuesday, as the German engineer battles a tough market environment and strong euro that have hurt industrial companies’ earnings.

“There is no alternative in the short term to a strong focus on cost management and increased productivity,” said Joe Kaeser, a former finance chief who got the top job when his predecessor was pushed out last July.

Jan 20, 2014

Spacecraft Rosetta roused from slumber on comet-chasing quest

FRANKFURT (Reuters) – Comet-chasing spacecraft Rosetta woke from nearly three years of hibernation on Monday to complete a decade-long deep space mission that scientists hope will help unlock some of the secrets of the solar system.

Rosetta, which was launched by the European Space Agency (ESA) in 2004, is due to rendezvous with comet 67P/Churyumov-Gerasimenko and land a probe on it this year in an unprecedented maneuver.

Jan 17, 2014

ThyssenKrupp CEO tells investors needs time for overhaul

BOCHUM, Germany (Reuters) – Steel maker ThyssenKrupp’s (TKAG.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Heinrich Hiesinger asked shareholders to be patient on Friday as he completes what is proving to be a troublesome overhaul of the company.

Since becoming CEO three years ago, Hiesinger has been trying to shift the focus of ThyssenKrupp, once a symbol of Germany’s industrial prowess, from the volatile steel sector to higher-margin products and services such as elevators, industrial plants and high-performance car parts.

Jan 12, 2014

ThyssenKrupp chief tests shareholder patience on steelmaker overhaul

FRANKFURT (Reuters) – Three years after taking the helm at ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz), Heinrich Hiesinger is running out of time to implement his ambitious plan to retool the 200-year-old German steelmaker as a high-tech engineering conglomerate.

Setbacks in selling weak assets – as well as costly price-fixing scandals he inherited – have made Hiesinger’s promises of sweeping transformation look optimistic. At an annual meeting on Friday, the former Siemens man will face tough questions from shareholders who, for a second year, have received no dividend.

Dec 3, 2013

Thyssen hit by doubts $1.2 billion fundraising is enough

FRANKFURT (Reuters) – ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) has raised 882 million euros ($1.2 billion) in a sale of new shares, less than some analysts think it will need to pursue a turnaround after it failed to sell a loss-making plant and was forced to take back two others.

Germany’s biggest steelmaker, which has suffered three straight years of losses, is trying to move away from a bulk steel market hit by weak economies and overcapacity to more profitable products such as elevators and factory components.

Dec 2, 2013

Thyssen’s U.S. deal fails to fix wider losses, stock sinks

FRANKFURT (Reuters) – ThyssenKrupp shares collapsed on Monday after the steelmaker’s announcement of a buyer for only part of its loss-making Steel Americas unit left investors worried how much it still must do to extract itself from a business that is costing it billions.

ThyssenKrupp (TKAG.DE: Quote, Profile, Research) has been trying since May 2012 to find a buyer for its Steel Americas unit, comprised of a steel slab mill in Brazil and a U.S. finishing plant. Its plan to produce cheap slabs in the former and ship them to the latter for conversion into products for carmakers fell apart when Brazil’s currency appreciated, hiking labour and production costs, and demand for cars slowed with the global economy.

Dec 2, 2013

Thyssen shares sink as U.S. deal fails to fix wider losses

FRANKFURT (Reuters) – ThyssenKrupp shares collapsed on Monday after the steelmaker’s announcement of a buyer for only part of its loss-making Steel Americas unit left investors worried how much it still must do to extract itself from a business that is costing it billions.

ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) has been trying since May 2012 to find a buyer for its Steel Americas unit, comprised of a steel slab mill in Brazil and a U.S. finishing plant. Its plan to produce cheap slabs in the former and ship them to the latter for conversion into products for carmakers fell apart when Brazil’s currency appreciated, hiking labor and production costs, and demand for cars slowed with the global economy.

Nov 30, 2013

Thyssen announces capital increase as U.S. deal sealed

FRANKFURT, Nov 29 (Reuters) – Germany’s ThyssenKrupp
announced plans to for a much-needed capital increase
after striking a deal to sell its U.S. steel plant to
ArcelorMittal and Nippon Steel & Sumitomo Metal Corp
for $1.55 billion.

It said late on Friday it would increase its capital by as
much as 10 percent in a transaction excluding subscription
rights, which would raise close to 1 billion euros ($1.36
billion) at its current share price.

Nov 27, 2013

German union threatens further industrial action at EADS

FRANKFURT/MUNICH (Reuters) – Germany’s powerful IG Metall labour union warned that it may call on workers at EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) to take further industrial action to protest the European aerospace company’s planned restructuring.

“If the demands of management are too extreme and seem disproportionate to us, then further action is certainly to be expected,” IG Metall board member Juergen Kerner told Reuters in an interview.

Nov 27, 2013

IG Metall threatens further industrial action at EADS

FRANKFURT/MUNICH, Nov 27 (Reuters) – Germany’s powerful IG
Metall labour union warned that it may call on workers at EADS
to take further industrial action to protest the
European aerospace company’s planned restructuring.

“If the demands of management are too extreme and seem
disproportionate to us, then further action is certainly to be
expected,” IG Metall board member Juergen Kerner told Reuters in
an interview.