May 18, 2020 / 7:29 AM / 10 days ago

Thyssenkrupp shares gain over steel business talks

FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen on an escalator at Frankfurt's main railways station in Frankfurt, Germany, January 23, 2020. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) - Shares in German engineering and defence group Thyssenkrupp (TKAG.DE) soared on Monday morning after a source said the company is in talks with international peers about consolidating its loss-making steel business.

The talks, to be unveiled as part of a strategy revamp on Monday that is likely to include shutting or selling assets, follow a 372 million euro($403 million) loss Thyssenkrupp Steel Europe posted in the first half of the group’s fiscal year.

Thyssenkrupp shares were up 6.3% at 0711 GMT, making it the biggest percentage gainer in the German mid-cap index MDAX .MDAX.

Its shares have lost more than 60% this year, while the MDAX shed just about 17% of its value.

($1 = 0.9240 euros)

Reporting by Thomas Seythal, editing by Louise Heavens

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