CFO steps down, cites change in perspectives

ThyssenKrupp AG said it was considering selling a portion of its struggling North American auto parts operation, as part of a larger restructuring plan that includes combining its automotive and technologies businesses.

The company (DE:750000: news, chart, profile) said on Friday that it was in talks with potential buyers for its North American body and chassis businesses, which employs about 4,000 people and generates sales of about 1 billion euros. As part of the reorganization, the ThyssenKrupp Automotive and ThyssenKrupp Technologies segments will be combined effective Oct. 1, subject to the approval of the boards.

As a result, the ThyssenKrupp Group will then be organized in the five segments Steel, Stainless, Technologies, Elevator and Services.

The company also said Chief Financial Officer A. Stefan Kirsten will not extend his contract beyond when it expires at the end of July 2007. Kirsten cited "changes in perspectives in the ThyssenKrupp Group." Kirsten has been CFO of ThyssenKrupp since 2002.

The German steelmaker said it plans to build a steel mill in the southeastern U.S., which would include an annual capacity of up to 1 million metric tones of slabs.

It said it will only build the mill if it is unable to buy Canadian steelmaker Dofasco Inc.

ThyssenKrupp also said that in the next few days its executive board will continue talks on the acquisition of Dofasco. In January, ThyssenKrupp signed an agreement with Mittal Steel Co. under which Mittal Steel would sell Dofasco to ThyssenKrupp AG in the event of a takeover of Arcelor.