FRANKFURT: German industrial group Thyssenkrupp is restructuring its steel and plant-engineering businesses, saying on Friday it wanted to modernise management structures and bring them into line with the rest of the group.
The steel-to-elevators group, which was formed from multiple mergers and acquisitions, still consists of more than 400 legal entities.
Thyssenkrupp said it wanted to broaden their sense of responsibility to improve performance and customer focus.
The company also said it was separating its steel production, with separate management for downstream activities – rolling and coating and research and development – and upstream – pig iron and raw steel.
A loss at Steel Americas cancelled out a small profit at Steel Europe last quarter as price pressure continued, dragging on group results and causing Thyssenkrupp to cut its full-year forecast.
Andreas Goss, currently chief executive of Steel Europe, will take over responsibility for sales and distribution.
Current board member Heribert Fischer will take on downstream steel and Herbert Eichelkraus will take on upstream.
Thyssenkrupp also reshuffled managers at Marine Systems, System Engineering and Aerospace, and announced new chief executives for growth regions China and India.
Copyright Reuters, 2016
Courtesy : BRecorder