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Salzgitter does not see role in steel consolidation

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Reuters FRANKFURT
Last Updated : Aug 10 2016 | 6:28 PM IST

FRANKFURT (Reuters) - Germany's Salzgitter does not see itself playing a role in a possible consolidation of European steelmakers, its chief executive said on Wednesday.

"We don't see ourselves as the top candidate for any such measure," Heinz Joerg Fuhrmann told analysts on a call after the company reported second-quarter earnings that more than halved due to pressure from cheap steel imports.

"By self-help we've achieved a tremendous amount and we plan to achieve much more."

Germany's Thyssenkrupp and India's Tata Steel said last month they were in talks about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.

Fuhrmann has consistently stated his desire for Salzgitter to remain independent.

(Reporting by Georgina Prodhan; Editing by Edward Taylor)

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First Published: Aug 10 2016 | 6:24 PM IST

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