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TKAGR is a German-based industrial conglomerate with a presence in the steel, distribution, elevator, marine, plant construction, and automotive component industries. TKAGR is a large scale steelmaker with 11.2 tons of crude steel production in Europe in FY17. After having sold the processing plant in the USA in 2014, TKAGR sold its steel mill in Brazil in September 2017, exiting completely from Steel Americas. Its steel operations lack raw material integration - leaving it more exposed to volatile price movements for iron ore and met coal. Operations are divided into five business segments with Steel Americas now reclassified as a discontinued operation. Material Services accounted for 33% of FY17 sales and 18% of FY17 adj. EBIT, Steel Europe (22%, 32%), Components Technology (18%, 22%), Elevator Technology (19%, 53%), and Industrial Solutions (13%, 6%). (25 May 2018)

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ThyssenKrupp: F4Q18 Results

Worth Watching: 21 Nov 2018, 8:58 PM ET - ThyssenKrupp (Ba2/BB/BB+) reported a 4% YoY increase in F4Q18 sales of €11.06 bn from continuing operations, while adjusted EBITDA decreased 71% YoY to €454 mn. Net debt decreased by €1.44 bn QoQ to €2.36 bn, while net leverage decrease five-ticks ..

TKAGR: Lowers EBIT and Net Income Guidance

Worth Watching: 08 Nov 2018, 2:29 PM ET - TKAGR (Ba2/BB) lowered its EBIT and net income guidance for fiscal 2017/18 year. The full-year EBIT was reduced from €1.8 bn to €1.6 bn, driven by quality issues in Components Technology, production & shipping restrictions at Steel Europe in the ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

ThyssenKrupp: Breakin' Up Is Hard To Do

HY Note: 15 Oct 2018, 11:27 PM ET - We take a look at the various moving parts to the ThyssenKrupp transformation story and the potential implications on the credit. 

TKAGR: More Details on Spin-Off

Worth Watching: 01 Oct 2018, 9:38 PM ET - TKAGR (Ba2/BB/BB+) provided further details on the split today. Last week, TKAGR announced plans to split into two separate companies: tk Materials and tk Industrials. In the proposed transaction, the consolidated entity will spin off a majority e ..

ThyssenKrupp: Splitting Up

Worth Watching: 30 Sep 2018, 10:36 PM ET - ThyssenKrupp (Ba2/BB/BB+) plans to spin off into two companies, splitting the industrial and materials assets. The spin-off comes on the heels of the recent CEO resignation (see: TKAGR: CEO Resigns, Event Risk to Rise 07-09-18). The announcement w ..

ThyssenKrupp: F3Q18 Disappoints

Worth Watching: 12 Aug 2018, 9:55 PM ET - ThyssenKrupp (Ba2/BB/BB+) reported a 6% YoY increase in F3Q18 sales of €9.01 bn from continuing operations, while adjusted EBITDA decreased 32% YoY to €602 mn. Adjusted EBIT in F3Q18 was €332 mn, down 46% YoY, due to ~€200 mn of additional expense ..

TKAGR: Lowers FY EBIT and FCF Guidance

Worth Watching: 01 Aug 2018, 9:53 PM ET - TKAGR (Ba2/BB/BB+) reduced its 2017/2018 fiscal year guidance for EBIT and FCF. Management expects full-year EBIT to be ~€1.8 bn, which is at the low end of its prior forecast of €1.8-€2.0 bn, while FCF before M&A is now projected to be negative ( ..

TKAGR: CEO Resigns, Event Risk to Rise

Worth Watching: 09 Jul 2018, 12:28 PM ET - TKAGR (Ba2/BB/BB+) CEO Heinrich Hiesinger announced his resignation last week after losing support of the supervisory board. The resignation follows on the heels of the recent announced steel JV with Tata Steel. The board may name CFO, Guido Kerkh ..

TKAGR: BoD Approves Tata Steel JV

Worth Watching: 01 Jul 2018, 10:22 PM ET - TKAGR (Ba2/BB): The company's BoD approved the 50/50 steel JV with Tata Steel, paving the way for the long-awaited and much-anticipated merger of the two companies' European steel assets. In the case of an IPO, TKAGR will receive a higher share of ..

TKAGR: Revised Tata Steel JV Terms Emerge

Worth Watching: 28 Jun 2018, 3:51 PM ET - TKAGR: According to Bloomberg, TKAGR will own 55% of the JV after recent negotiations, up from the original 50-50 split, while the voting rights will remain equally split among the two companies. Tata also agreed to pay for potential environmental ..

TKAGR: In Talks to Revise Tata Steel JV Terms

Worth Watching: 13 Jun 2018, 10:36 PM ET - TKAGR and Tata Steel are in discussions to potentially revise the terms of their steel joint venture agreement, according to Bloomberg. The proposed changes would give TKAGR a larger share of earnings, while maintaining voting rights at a 50-50 sp ..

TKAGR: Elliott Pushing for Better Steel JV Terms

Worth Watching: 11 Jun 2018, 9:33 PM ET - TKAGR: Shareholder activist, Elliott Capital Management, is urging TKAGR to renegotiate the terms surrounding the merger of its steel assets with Tata Steel, according to Bloomberg. In a letter to TKAGR management, Elliott highlighted the divergen ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 

TKAGR: Shareholder Activism Increasing?

Worth Watching: 22 May 2018, 6:54 PM ET - TKAGR: According to Bloomberg, shareholder activist Elliott Management is building a stake in ThyssenKrupp and may need to disclose its share in the company soon once it crosses the 3%-5% threshold. Elliott reportedly wants to oust CEO Hinrich Hie ..

ThyssenKrupp F2Q18: Strong Results

Earnings Note: 15 May 2018, 10:07 PM ET - We examine ThyssenKrupp's F2Q18 earnings as it comes even closer to spinning off its remaining steel assets and becoming a capital goods credit.

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

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