The German company Thyssenkrup announced on Monday it would seek for possibilities to consolidate its positions in two key sectors. The managements aims to focus on business with higher margins. “We have made some difficult decisions, which we had been considering for some time,” Martina Merz, CEO of Thyssenkrupp AG, stated in a press release. According to her, the company will come out of the crisis smaller, but stronger.
The company will be divided according to its sectors. Its steel unit has been fighting for years with significantly cheaper Asian rivals. Merz’s strategy is clear – to recover the whole group. As part of restructuring, non-profitable business will be sold. Thyssenkrupp was not only affected by the impacts by coronavirus pandemic, but also by its high debts exceeding €7,5 billion. Both local and foreign companies have shown their interest in company’s assets, including firms from China and India.