Thyssenkrupp Steel to Profit from Kretinsky, Ex-Board Head Says [BNN Bloomberg (Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: BNN Bloomberg
“The best thing for the steel division would be for Kretinsky to take over 100 percent of it,” Gabriel told the German magazine, according to an article published Friday. “With him, we recently had the best discussion about the future of steel in Europe for a long time.” Gabriel left the company this week over a dispute on the unit's future, alongside with the unit's Chief Executive Officer Bernhard Osburg and several board members. The unit's management has clashed for weeks with its parent company over plans to lower steel-making capacity, realign the business and finance its spin-off. The restructuring plans have been part of a long-pursued sale to Kretinsky, whose EP Corporate Group has already acquired 20% of Thyssenkrupp Steel Europe and is in talks to buy a further 30% of the business. Kretinsky brings fresh ideas to the table, Gabriel said, adding that it's not yet clear whether all of his ideas can be realized. Parent Thyssenkrupp AG has been trying to offload its stee
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