ThyssenKrupp’s chief executive Heinrich Hiesinger has vowed to fix problems at Germany’s biggest steelmaker, after a disastrous overseas foray and corruption allegations that led him to oust half its management board.

The former Siemens manager, who last year became the first Thyssen boss from outside the steel industry, has faced an uphill battle to turn the sprawling steel giant into a leaner company focused less on slabs and more on technology, plant parts and elevators.

He told investors yesterday a “great deal” had gone wrong at Thyssen, which has been hampered by a downturn in Europe and ballooning losses at its plants in Brazil and the US, forcing the scrapping of a full-year dividend for the first time.

The ill-fated Steel Americas project cost the company billions of euros and will be sold in the next year. – (Reuters)