ThyssenKrupp denies report on possible sale of automotive unit

BERLIN Sun Sep 22, 2013 9:19am EDT

The headquarters of Germany's industrial conglomerate ThyssenKrupp AG are pictured in Essen January 16, 2013. REUTERS/Ina Fassbender

The headquarters of Germany's industrial conglomerate ThyssenKrupp AG are pictured in Essen January 16, 2013.

Credit: Reuters/Ina Fassbender

Related Topics

BERLIN (Reuters) - German steelmaker ThyssenKrupp (TKAG.DE) has denied a magazine report that it is preparing to sell its automotive division.

Weekly magazine Focus said in an advance release of an article to be published in Monday's edition that ThyssenKrupp, struggling with billions of euros of debt and a loss-making Steel Americas business, had asked potential investors for indicative offers for its automotive operations.

"That's nonsense," a spokeswoman at the Essen-based company told Reuters on Sunday. "We want to develop the business further strategically."

Last year, ThyssenKrupp sold its Tailored Blanks unit, then market leader in laser-welded blanks for the automotive industry, to Chinese peer Wuhan Iron and Steel (600005.SS).

(Reporting by Matthias Inverardi; Writing by Andreas Cremer; Editing by Mark Potter)

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article