ThyssenKrupp Loss Balloons on Steel Americas Write-Down
12/14/2012 - ThyssenKrupp AG, Germany's top steelmaker, posted a massive € 4.7 billion (US$6.1 billion) net loss for the year as it took a painful write-down on steel mills in the United States and Brazil that it is trying to sell.
ThyssenKrupp AG, Germany's top steelmaker, posted a massive € 4.7 billion (US$6.1 billion) net loss for the year as it took a painful write-down on steel mills in the United States and Brazil that it is trying to sell.
The company said late on Monday it has cut the book value of the mills, which is bundled in its Steel Americas business, to € 3.9 billion from € 7 billion because bids from potential buyers were too low.
Steel Americas is one of several businesses chief executive Heinrich Hiesinger is seeking to sell in a major overhaul to raise money for investments in ThyssenKrupp's engineering and technology businesses...
