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4-Traders Homepage  >  Equities  >  Xetra  >  ThyssenKrupp AG    TKA   DE0007500001

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ThyssenKrupp AG : ThyssenKrupp may seek compensation for Steel Americas

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12/09/2012 | 06:02pm CEST

ThyssenKrupp is considering demanding compensation from its former chief executive and other managers for costly investments in steel plants in Brazil and the United States.

A spokesman for ThyssenKrupp confirmed on Sunday a Der Spiegel magazine report that supervisory board chairman Gerhard Cromme had mandated a law firm to determine whether former Chief Executive Ekkehard Schulz and other former board members had knowingly provided wrong information regarding the investments.

The spokesman said the expert report would find out whether the company could seek compensation.

"But the results are not yet there," he said.

Schulz, who joined the supervisory board after his CEO contract expired in January last year, stepped down as director on December 31 in response to criticism about the investments in Brazil and the United States.

The company last week parted ways with three board members in a major shake-up largely due to the Steel Americas fallout.

In 2011, ThyssenKrupp swung to a 1.8 billion euro net loss for its financial year due to a 2.1 billion euro writedown for Steel Americas.

Analysts forecast another a 1 billion euro loss for the Steel Americas unit when the company releases full-year results on December 11.

The unit's new facilities, which started operation in 2010, have been dogged by cost overruns and start-up delays since they were built in 2007.

(Reporting By Marilyn Gerlach; Additional Reporting by Tom Kaeckenhoff; editing by Jane Baird)

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Financials (€)
Sales 2016 40 693 M
EBIT 2016 1 496 M
Net income 2016 436 M
Debt 2016 4 390 M
Yield 2016 0,99%
P/E ratio 2016 23,68
P/E ratio 2017 12,92
EV / Sales 2016 0,38x
EV / Sales 2017 0,37x
Capitalization 11 220 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 22,1 €
Spread / Average Target 11%
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Managers
NameTitle
Heinrich Hiesinger Chief Executive Officer
Ulrich Lehner Chairman-Supervisory Board
Guido Kerkhoff Chief Financial Officer
Martin Holz Chief Information Officer
Bernhard Pellens Independent Member-Supervisory Board
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