ThyssenKrupp’s Supervisory Board approved plans to realign the group at a meeting last week. It decided to reorganize the five segments – Steel, Stainless, Technologies, Elevator and Services – into two divisions. The new Materials division will combine the activities of the current Steel, Stainless and Services segments. The new Technologies division will comprise the business activities of Technologies and Elevator. The goal is to concentrate the business and create a more efficient structure, including administrative areas. The restructuring is also expected to yield additional cost savings.

The Materials division will focus and strengthen the expansion of ThyssenKrupp’s materials capabilities and materials services along the value chain. The Technologies division will focus and strengthen the company’s technological capabilities in the area of global megatrends. The initial focus of both new groups will be on the structural optimization of the individual units.