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ThyssenKrupp aims to double China sales in 5 years

SHANGHAI
Sat Sep 29, 2007 9:53pm EDT

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German steel and industrial group ThyssenKrupp's chairman Ekkehard Schulz listens during a news conference in Beijing June 9, 2005. German industrial conglomerate ThyssenKrupp aims to double its China sales to 2 billion euros ($2.85 billion) in the next five years, Schulz said on Sunday. REUTERS/Claro Cortes

SHANGHAI (Reuters) - German industrial conglomerate ThyssenKrupp (TKAG.DE) aims to double its China sales to 2 billion euros ($2.85 billion) in the next five years, its chief executive said on Sunday.

Ekkehard Schulz told Reuters on the sidelines of an event in Shanghai that the company also aimed to invest 500 million euros in China over the same period.

He added that the company currently had no plans to set up a new steel joint venture or to buy a stake in a steel mill in China.

He added that he had not been approached by U.S. steelmaker Nucor (NUE.N) about a possible acquisition of a stake in his company.

Shares in ThyssenKrupp rose early last week as traders cited talk that Nucor was keen to acquire a stake in the German company.

"That was rumor," Schulz said.

($1=.7008 euro)


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