Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

ThyssenKrupp Deny Silverstal and US Steel Merger Rumours

Jun 12 2007

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On Friday, June 8, the Russian news agency Interfax – citing an unnamed banker – reported that ThyssenKrupp was conducting merger talks with Russian steel producer Severstal or U.S. Steel.

ThyssenKrupp comments as follows:
This report is incorrect and totally inaccurate. ThyssenKrupp is not conducting talks with Severstal or U.S. Steel about cooperation or a merger.

In May, the Supervisory Board of ThyssenKrupp approved the €3.1 billion investment in a steel mill to be operated jointly by the Steel and Stainless segments in Mount Vernon in the US state of Alabama. The plant is scheduled to start operation in 2010. This project is a central element of the Group's strategy for the Steel and Stainless segments, aimed at achieving profitable growth in Europe and North America.

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