German steelmaker ThyssenKrupp must be desperate to get rid of its steel business.
The steelmaker makes a great range of products of world-class quality. The brand has undeniable strength as a result.
However, it has not and cannot make money from it.
ThyssenKrupp steel division posts losses
The ThyssenKrupp steel division lost money last year.
Quite how much is difficult to say.
However, the Financial Times reported last year the firm predicted losses of a billion Euros for 2020. That is a not inconsiderable proportion of total group losses of more than €5.5 billion reported by the Financial Times this week.
The same article reports the group’s proposal to spin off the steel division as a separate entity, apparently in the expectation it would be easier to raise investment as a standalone unit.
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Efforts to sell or merge the steelmaking division with competitors in recent years have failed repeatedly.