Steel deals

6 October 2004 By Marianne Brun-Rovet

The German engineering group says it plans to acquire a European steelmaker and has even floated the name of Corus. But this would be a risky and retrograde step. Thankfully, no deal looks imminent.

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ThyssenKrupp has expressed an interest in acquiring a European steelmaker. But the German engineering group stressed it was not currently in merger talks with Corus or any other group.

Ulrich Middelmann, head of Thyssen's steel division, on Tuesday told the Financial Times that the company was considering a merger with Corus. He said the AngloDutch steel group was one of several options the German group was considering as part of its plan to lead consolidation in European steel.

Other potential targets included most European midsized steelmakers. Middelmann said no formal discussions had started with any of the companies in the plan and that any approach would be friendly. Corus said on Wednesday there were no discussions between the groups.

ThyssenKrupp also said it was looking at a $1.5bn plan to build an unfinished steel slab plant in Australia, Brazil or Russia that would boost the group's overall capacity by a third.

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