July 8, 2020 / 8:39 AM / a month ago

Salzgitter CEO sees no merit in sector consolidation for time being

FRANKFURT (Reuters) - Germany’s second-largest steelmaker Salzgitter would not stand to benefit from consolidation efforts, Chief Executive Heinz Joerg Fuhrmann told shareholders on Wednesday.

“We currently do not see any such scenario that would improve our competitive situation as compared to remaining independent,” he said in a speech prepared for the company’s annual general meeting.

While stressing there was no pressure or need for short-term activity, he said his stance did not preclude any possible discussions about cooperation, should the premises be suitable to help Salzgitter.

Reporting by Tom Kaeckenhoff and Vera Eckert, editing by Riham Alkousaa

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