Germany's ThyssenKrupp Cancels Steel Branch IPO

ByBridgeNews Germany's ThyssenKrupp AG said Aug. 16 it has made a joint decision with consortium lead managers Deutsche Bank AG and Commerzbank AG to cancel the flotation of its steel branch ThyssenKrupp Steel, planned for September. The decision has been taken "in view of the stock market's continued weak valuation of the steel sector" and despite the company's "excellent results," ThyssenKrupp said in a statement. "A limit has been reached which would make it impossible to achieve the goal of creating added value for the group. The strategic advantages of the IPO for ThyssenKrupp do not justify accepting the disadvantages currently associated with it," the company said. The company said it expects earnings growth in the current fiscal year and next.