Germany’s largest steel producer ThyssenKrupp AG is all set for a paradigm shift in business, with plans to abandon its two-century-old steelmaking unit. An effort to reshape strategy following the global economic slump that resulted in three consecutive annual losses, ThyssenKrupp is looking to rebuild itself as a ‘diversified industrial group’. Another reason could be that it’s elevators and car components businesses fetch it higher revenue as compared with steel, which fetches only 28%. After the sale of its US plant last year, it may sell its VDM and AST stainless steel businesses as well; job cuts have already begun at AST. With heavy debt on its head, looks like letting go of the metal is ThyssenKrupp’s only chance to get back on track.
Photo Feature
Losing its steel grip
In an effort to reshape strategy following the global economic slump, ThyssenKrupp is looking to rebuild itself as a ‘diversified industrial group’
Editor's Pick
Most Popular
Summer wine and salad
Kishore Singh - January 19, 2015
A double topping for growth
Meghna Maiti - January 15, 2015
Scriptures for success
Kripa Mahalingam - January 27, 2015
Decoupage goes digital
Kishore Singh - January 27, 2015
The million-dollar question: Is investing a game of luck or skill?
Shankar Sharma - May 04, 2021