FRANKFURT Dec 9 ThyssenKrupp is
considering demanding compensation from its former chief
executive and other managers for costly investments in steel
plants in Brazil and the United States.
A spokesman for ThyssenKrupp confirmed on Sunday a Der
Spiegel magazine report that supervisory board chairman Gerhard
Cromme had mandated a law firm to determine whether former Chief
Executive Ekkehard Schulz and other former board members had
knowingly provided wrong information regarding the investments.
The spokesman said the expert report would find out whether
the company could seek compensation.
"But the results are not yet there," he said.
Schulz, who joined the supervisory board after his CEO
contract expired in January last year, stepped down as director
on Dec. 31 in response to criticism about the investments in
Brazil and the United States.
The company last week parted ways with three board members
in a major shake-up largely due to the Steel Americas fallout.
In 2011, ThyssenKrupp swung to a 1.8 billion euro net loss
for its financial year due to a 2.1 billion euro writedown for
Analysts forecast another a 1 billion euro loss for the
Steel Americas unit when the company releases full-year results
on Dec. 11.
The unit's new facilities, which started operation in 2010,
have been dogged by cost overruns and start-up delays since they
were built in 2007.