ThyssenKrupp's CEO Heinrich Hiesinger has admitted that he has underestimated the length of time required to close the sale of the Steel Americas business. He has been seeking to sell the two loss making plants for the past 16 months and looks unlikely to meet his original target of completing the sale by the end of this month when the company's financial year ends. The German steel maker is desperately trying to off load two state-of-the-art plants that cost it around ?12bn to build. The CSA slab plant in Rio de Janeiro in Brazil has a capacity of 5mt/y and the Alabama hot-strip mill in the US 5.2mt/y.
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