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Business

ThyssenKrupp Mulls Merger with Corus

ThyssenKrupp Stahl, Germany's biggest steel-maker and the world's tenth, is mulling the possibility of a merger with Anglo-Dutch rival Corus, the Financial Times reported on Wednesday. The tie-up would create the third-largest group in the world behind Arcelor of Luxemburg and LNM of the Netherlands, the paper said. On Tuesday, head of ThyssenKrupp Stahl, Ulrich Middelmann, said the group was eyeing a potential acquisition in Europe but refused to name any names. The Financial Times quoted him Wednesday as saying that a tie-up with Corus, the world's ninth-largest steel-maker was one of several options the German company was discussing as part of a plan to lead further consolidation in the European steel industry. However, no formal discussions had started with any of the companies and ThyssenKrupp would only proceed on a friendly basis, Middelmann said. (AFP)