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Thyssenkrupp's Schulz denies plans to split up company; confirms targets

Thyssenkrupp AG, CEO Ekkehard Schulz has denied plans to split up the company.

'Thyssenkrupp is a conglomerate and will remain a conglomerate,' Schulz told journalists in Duesseldorf.

Schulz said in particular that there are no plans to sell off the company's steel unit, saying it is its core business.

He added that Thyssenkrupp's position would be strengthened by the construction of new steel plants in Brazil and the US.

Although consolidation is dominating the steel industry, Schulz declared: 'We have no worries or concerns about being taken over.'

Thyssenkrupp wants to grow mainly organically, said Schulz, adding that it it is not ruling out acquisitions.

The company is planning investments of 17-20 bln eur over the long term, said Schulz.

Schulz reiterated the company's long-term targets, saying he sees sales reaching 65 bln eur and pretax profit reaching 4.5-5 bln eur by 2012/2013.

For the business year running to the end of September 2007, the company is still targeting a pretax profit of more than 3 bln eur and sales of 50 bln eur.

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