Click here for linkThyssenKrupp AG (TKA), Germany’s largest steelmaker, rose to a 10-week high in Frankfurt trading on speculation it may sell its new plants in Brazil and the U.S.
ThyssenKrupp (TKA) climbed 4.2 percent to 20.80 euros, its highest price since Nov. 8, after Manager Magazin said the company may sell its facilities in Brazil and Alabama. Chief Executive Officer Heinrich Hiesinger is studying selling the Brazilian plant this year, possibly to Vale SA (VALE5), it said.
The Essen-based steelmaker has suffered delays at its Brazilian project, contributing to impairment charges of 2.9 billion euros ($3.7 billion) in the last fiscal year when it reported a loss. Rising raw-material costs and falling steel use have hobbled producers’ efforts to emerge from the industry’s worst downturn in 60 years after the recession sapped demand.
I not sure they ever finished constructing the new plant north of Mobile started 5-6 years back. Alabama gave them millions in tax breaks to build here.
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