BOCHUM/FRANKFURT, Jan 19 (Reuters) - Thyssenkrupp will adapt its strategy following a planned steel tie-up with India’s Tata Steel, its chief executive said on Friday, responding to investor criticism that the elevators-to-submarines group is too unwieldy.
Speaking at the company’s annual general meeting, which was overshadowed by key shareholders asking for a broader overhaul, Heinrich Hiesinger said the company’s future development would be discussed at an annual strategy dialogue in May.
“Naturally Thyssenkrupp will look different with the establishment of the joint venture in the steel area. We will hone our strategic vision and also adapt our financial targets accordingly,” Hiesinger said.
Thyssenkrupp in September agreed to merge its European steel business with that of Tata Steel, saying global overcapacities had made a restructuring of the mainstay business necessary. (Reporting by Tom Kaeckenhoff and Christoph Steitz; Editing by Maria Sheahan)