Reuters reported that ThyssenKrupp's chief executive Mr Heinrich Hiesinger 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.
He told investors on Tuesday 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 United States.
"If we now just continue with business as usual, we will be making a great mistake," Hiesinger said on Tuesday, the day after reporting a 4.7 billion euro ($6.08 billion) full-year loss mainly due to a hefty writedown on the US and Brazilian steel mills, its second in two years.