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Thyssenkrupp not to spin off steel division this year

13 May 2021 16:04 reported by Jasmine

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Germany's Thyssenkrupp's steel division has been further improved due to strong demand and rising prices and it will not be divested this year. The company said the main driver of steel was its main customer base, the automotive industry, although demand was partly beset by parts and logistics issues in the automotive supply chain.

Thyssenkrupp said in its second-quarter results (January-March), there was no timetable for the expected spin-off of its steel division, which has been subject to several attempts to find external partners or buyers, but it would not happen this year.

ThyssenKrupp said that for the current fiscal year, it expects the economy to continue to recover, although the momentum is weakening. As a result of the improvement in expectations, the firm's adjusted EBITDA will significantly increase.

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