One can only assume that Heinrich Hiesinger of ThyssenKrupp is feeling the pressure.
“Three years after taking the helm at ThyssenKrupp, 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,” reports Reuters.
“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.”
“‘Some thought that he was the guy who can restructure ThyssenKrupp and move it forward. But he hasn’t really achieved that yet,’ said Joerg Schneider, a fund manager at Union Investment in Frankfurt. ‘He set the expectations too high.’
“Adding to pressure on Hiesinger are small but significant shifts in the group’s ownership since the last AGM. The family trust, which long shielded managers from predators, has seen its holding diluted below a blocking 25 percent. Meanwhile, activist Swedish fund Cevian has built up an 11-percent stake.”
In metal price news for stainless steel…
The biggest mover this week was the cash price of primary Indian nickel with a 5.0 percent fall on the weekly Stainless MMI® to close the week. On the LME, the 3-month price of nickel declined 4.0 percent to $13,420 per metric ton. The spot price of nickel fell 3.9 percent on the LME over the past week, settling at $13,360 per metric ton.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat. Prices for Chinese ferro-moly remained constant, closing the week.
The price of Chinese primary nickel closed last week, after a 2.1 percent drop. Chinese 304 stainless steel scrap remained essentially flat from the previous week. Chinese 316 stainless steel scrap remained unchanged for the week. The price of Chinese 304 stainless coil did not change since the previous week. The week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil traded sideways last week. The week finished with no movement for Korean 304 stainless coil.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.