Thyssenkrupp in talks to end contract of steel division CEO

DUESSELDORF, Germany (Reuters) - Thyssenkrupp on Monday said it was in talks with the CEO of its steel division to end his contract, less than three weeks after the Germany group dropped plans merge the business with Tata Steel's European division. Thyssenkrupp and Tata abandoned the planned steel venture, saying they were not prepared to offer more concessions to European regulators.

Reuters May 28, 2019 00:05:10 IST
Thyssenkrupp in talks to end contract of steel division CEO

Thyssenkrupp in talks to end contract of steel division CEO

DUESSELDORF, Germany (Reuters) - Thyssenkrupp on Monday said it was in talks with the CEO of its steel division to end his contract, less than three weeks after the Germany group dropped plans merge the business with Tata Steel's European division.

Thyssenkrupp and Tata abandoned the planned steel venture, saying they were not prepared to offer more concessions to European regulators. Thyssenkrupp instead opted to pursue a listing of its prized elevators business.

"Since the steel joint venture with Tata Steel has not come to pass it is now about setting up Thyssenkrupp Steel Europe in a sustainable way," a spokesman said, adding this included talks with unit CEO Andreas Goss about ending his contract.

The spokesman said the talks with Goss, who joined Thyssenkrupp's steel business as finance chief in 2012 and became its CEO 2014, had not been concluded yet.

Goss would have headed the combined joint venture with Tata Steel.

His departure would mark the latest in a string of senior management changes at Thyssenkrupp. The company has been through a turbulent period in the last twelve months, during which the CEO and chairman resigned and the group issued three profit warnings.

Steel producers in Europe have been hit by falling demand in the past few months. Thyssenkrupp Steel Europe's second-quarter adjusted operating profit plunged 81 percent to 37 million euros ($41.41 million).

($1 = 0.8935 euros)

(Reporting by Matthias Inverardi; Writing by Christoph Steitz; Editing by Arno Schuetze and Jane Merriman)

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