Steel Mills
Cevian Capital Increasing Share of ThyssenKrupp to 10%
Written by Sandy Williams
October 17, 2013
Cevian Capital is making a move on ThyssenKrupp AG saying it will raise its stake in ThyssenKrupp to 10 percent by the end of the year and will seek a seat on the supervisory board, according to sources reported by German publication Manager Magazin. It is speculated that Cevian could fill one of three board seats currently held by the Krupp Foundation.
The activist investor has upped its holdings in ThyssenKrupp twice in the last two months, increasing its shares from 3 percent to 6.1 percent. In September, when Cevian increased its stake to 5.2 percent, spokesman Roland Klein said Cevian wasn’t interested in taking over ThyssenKrupp and normally holds its stakes for at least five years. At the time the company said it was not seeking representation on ThyssenKrupp’s supervisory board.
Neither company has commented on the latest report.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor shuttering Chicago tubular facility
Nucor is closing its Nucor Tubular Products Chicago facility and will be laying off 47 workers.
Algoma foresees narrow profit (or loss) in fiscal Q2’25
Canadian flat-rolled steelmaker Algoma predicts that it will be roughly breakeven on an adjusted EBITDA basis in the second quarter of its fiscal year. The Sault Ste. Marie, Ontario-based company expects adjusted EBIDTA in a range from a gain of $5 million CAD ($3.7 million USD) to a loss of $5 million CAD in fiscal Q2'25.
Arbitration board sides with USS over USW on Nippon deal
A board of arbitration has ruled in favor of U.S Steel vs. the United Steelworkers (USW) union in a dispute regarding Nippon Steel’s more than $14-billion proposed deal for the Pittsburgh-based steelmaker.
USS first to get nod to sell ‘ResponsibleSteel’ items at Big River
U.S. Steel is the first steelmaker in the world qualified to sell its products as “ResponsibleSteel Certified Steel” at its Big River Steel operation in Osceola, Ark.
USS: No production impact from Midwest Plant fire
A transformer caught fire at U.S. Steel’s Midwest Plant in Portage, Ind., on Sunday.