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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.

Nov 20, 2013

Thyssen nears U.S. steel plant sale, cartel settlement

FRANKFURT, Nov 20 (Reuters) – Germany’s ThyssenKrupp
is nearing a long-awaited sale of its U.S. steel plant
and has reached an agreement to settle a cartel lawsuit,
clearing the way for it to raise much-needed capital.

Shares in Germany’s biggest steelmaker fell 2 percent,
however, as it became clear that the deal would not include the
company’s lossmaking Brazilian factory.

Nov 7, 2013

New Siemens chief promises share buyback before strategy plan

BERLIN (Reuters) – New Siemens (SIEGn.DE: Quote, Profile, Research) Chief Executive Joe Kaeser promised shareholders a big share buyback on Thursday, but asked for more time to produce a new strategy as he aims to steady the industrial giant after a boardroom battle.

Kaeser, a conservative former finance chief who got the top job when his predecessor was pushed out in July, tried to dampen expectations for the turnaround plan which he said would be presented in May.

Nov 7, 2013

Siemens splashes out on buyback as new CEO works on strategy

BERLIN (Reuters) – Siemens’ (SIEGn.DE: Quote, Profile, Research) new Chief Executive Joe Kaeser promised on Thursday to buy back up to 4 billion euros ($5.4 billion) worth of shares while asking investors for patience as he works out a strategy by May to close a gap with more profitable rivals.

Shares in the engineering group, Germany’s second-biggest company by market value, rose to their highest level in two and a half years in response to the buyback, and were up 3.9 percent at 96.16 euros at 1155 GMT.