September 22, 2013 / 1:24 PM / 4 years ago

ThyssenKrupp denies report on possible sale of automotive unit

BERLIN (Reuters) - German steelmaker ThyssenKrupp (TKAG.DE) has denied a magazine report that it is preparing to sell its automotive division.

The headquarters of Germany's industrial conglomerate ThyssenKrupp AG are pictured in Essen January 16, 2013. REUTERS/Ina Fassbender

Weekly magazine Focus said in an advance release of an article to be published in Monday’s edition that ThyssenKrupp, struggling with billions of euros of debt and a loss-making Steel Americas business, had asked potential investors for indicative offers for its automotive operations.

“That’s nonsense,” a spokeswoman at the Essen-based company told Reuters on Sunday. “We want to develop the business further strategically.”

Last year, ThyssenKrupp sold its Tailored Blanks unit, then market leader in laser-welded blanks for the automotive industry, to Chinese peer Wuhan Iron and Steel 600005.SS.

Reporting by Matthias Inverardi; Writing by Andreas Cremer; Editing by Mark Potter

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