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rdf:type	schema:NewsArticle
schema:articleBody	German industrial conglomerate Thyssenkrupp said Wednesday it was no longer considering selling its troubled steel unit to Liberty Steel Group, owned by Indian-British billionaire Sanjeev Gupta. "We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart. We have therefore decided to end the talks," Thyssenkrupp's chief financial officer Klaus Keysberg said in a statement. The German giant indicated it would hold on to the steel unit, saying it would focus efforts on addressing "the consequences of the corona pandemic and to make steel sustainably profitable and thus future-proof". Thyssenkrupp, in the throes of a painful restructuring, had received an offer from Britain's Liberty Steel last October but had not formally responded to it before Wednesday's statement. The Essen-based group has long been looking for a solution for its Steel Europe arm, which has been battered by years of cheap Chinese competition and oversupply. But in a boost to Thyssenkrupp, demand for steel has risen in recent months thanks to pent-up demand following last year's coronavirus lockdowns, which closed factories and disrupted supply chains worldwide. Thyssenkrupp last week lifted its earnings outlook for 2021, buoyed by a recovery in demand for its steel and car parts. The group posted a net loss of 141 million euros ($171 million) between October and December, the first quarter of its fiscal year, compared with a 449 million euro loss a year earlier. It made an adjusted operating profit of 78 million euros, reversing a loss of 185 million euros in its first quarter a year ago. "We're noticing signs of an economic recovery and our measures are starting to bear fruit. But we're not out of the woods yet," CEO Martina Merz said last week. Thyssenkrupp, which employs around 100,000 people, last year sold off its lucrative elevator business to fund a turnaround plan that will include 11,000 job cuts. mfp/lc
schema:headline	Thyssenkrupp ends talks with Liberty Steel over steel unit sale
schema:mentions	Merz Pharma Chief financial officer Elevator Industry Liberty Steel Billionaire Corona Chief executive officer European Union Pandemic China Coronavirus Sanjeev Gupta Chaebol Microsoft Outlook Market trend
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-17 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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