Thyssenkrupp Turnaround

Steeling Itself For The Future

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Heinrich Hiesinger: standing by his strategy despite a drop in steel prices.
  • Why it matters

    Why it matters

    If Thyssenkrupp, Germany largest steelmaker, does not meet expectations to sustainable raise profits, pressure may rise for the group to sell operations or merge with rivals.

  • Facts

    Facts

    • CEO Heinrich Hiesinger has made ThyssenKrupp less dependent on steel production and sell more technical products, ranging from elevators to automotive systems to wind turbine parts.
    • Mr. Hiesinger told Handelsblatt he is sticking to his profit forecast for fiscal year 2015-16 provided that steel prices improve in the second half.
    • The price of a ton of hot-rolled wide strip steel has fallen around 25 percent to €300.
  • Audio

    Audio

  • Pdf

Thyssenkrupp’s redesigned logo unveiled last November, three rings under an arch against a bright blue background, is intended to herald a new beginning for the industrial group after its ill-fated expansion in the Americas plunged it into a crisis five years ago.

In 2010, the steelmaker from Essen almost went bankrupt and Heinrich Hiesinger was installed at the helm of Germany’s largest steel group in January 2011 to revive the company.

Mr. Hiesinger, a 55-year-old engineer, has succeeded in reorganizing the company, whose roots date back to 1811. But the former Siemens manager knows it will take more than a new logo to banish the shadows of the past.

“We’re still a long way off completing the transformation,” he told Handelsblatt. “Even though we’ve been doing a massive amount of work on it for four years.”

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