The chairman of German steelmaker ThyssenKrupp AG's (TKA.XE) supervisory board has brushed off calls for him to step down following hefty losses from two overseas steel plants and a corruption scandal earlier in the year, according to the magazine Der Spiegel.
"I'm not someone who runs away from his responsibility" and won't step down, the magazine quotes Gerhard Cromme as saying Sunday.
ThyssenKrupp last week dismissed three executive board members after losses from plants in the U.S. and Brazil contributed to a 4.7 billion euro ($6.19 billion) loss in the fiscal year ending Sept. 30, and in the wake of price-fixing allegations.
Mr. Cromme said the outlook for the steel plants concerned was "much too optimistic" and turned out to be wrong.
Several politicians and shareholder associations last week called on Mr. Cromme to step down.
Magazine Web site: www.spiegel.de
Write to the Frankfurt Bureau at [email protected]
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