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. Last Updated: 07/27/2016

Thyssen to Float Steel




FRANKFURT, Germany -- Shares of German industrial group Thyssen-Krupp surged Tuesday after the company said it will float its steel operations on the stock market and streamline its corporate structure.


Thyssen announced it will offer between 25 percent and 35 percent of its steel business to the public in a bid to raise cash and become a world leader in the sector.


The company also said it will cut the number of core operations to six, from 23, and make investments of more than 12 billion Deutsche marks ($6.3 billion) in the next three years.


Some of the shares in the steel listing will come from the parent company's own shareholding, while others will come from a capital increase, Thyssen said.