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ThyssenKrupp CFO Says Still Plans to Sell Both Americas Plants

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Sept. 18 (Bloomberg) -- ThyssenKrupp AG, Germany’s largest steelmaker, still plans to sell both of the plants in its Steel Americas unit, Chief Financial Officer Guido Kerkhoff said.

Essen-based ThyssenKrupp is “confident” it will dispose of the unit, Kerkhoff told reporters today in Frankfurt. The company isn’t currently preparing a capital increase, he said.

The producer has been seeking to sell the Americas unit for 16 months to expand its non-steel operations and weather a drop in demand. Lower use in the auto and construction industries and higher competition from China has reduced steel prices, leading German peer Salzgitter AG to announce 1,500 job cuts last month.

ThyssenKrupp advanced 1.9 percent to 17.205 euros, the highest since July 25, by the close of trading in Frankfurt.

The company may hold onto its plant in Brazil and sell only the U.S. operation from the Americas unit, two people briefed on discussions said last week, declining to be identified.

While Germany’s largest steelmaker previously planned to sign a deal before the end of the fiscal year on Sept. 30, Chief Executive Officer Heinrich Hiesinger said in an Aug. 13 earnings statement that ThyssenKrupp won’t rely on reporting deadlines.

To contact the reporter on this story: Tino Andresen in Dusseldorf at tandresen1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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