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Mr Cromme of ThyssenKrupp rules out merger with Siemens

It is reported that the supervisory board chairman of German steelmaker ThyssenKrupp AG and Siemens AG has excluded the possibility of the two companies merging.

Mr Gerhard Cromme said that "As long as I'm chairman of one or both supervisory boards, there won't be a merger with Siemens."

Instead, Mr Cromme said that ThyssenKrupp will resolve its problems on its own.

ThyssenKrupp is struggling with EUR 6.4 billion of debt after the construction of two steel mills in Brazil and the US were a lot more expensive than expected, costing a total of EUR 10 billion.

The company is now trying to sell the mills.

Source - sueddeutsche.de

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