January 27, 2017 / 6:19 AM / a year ago

Thyssenkrupp CEO says solution for steel business will take time

FRANKFURT, Jan 27 (Reuters) - Thyssenkrupp Chief Executive Heinrich Hiesinger warned shareholders that it would take time to forge a deal for its Steel Europe business with a rival such as Tata Steel.

“We too would like a speedy solution, but it has to be a good solution. A solution that secures the future of steel production in Germany and Europe - and that takes time,” he said, according to the prepared text of a speech for the industrial group’s annual general meeting on Friday.

The German company and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, but negotiations have been complicated by Tata’s huge pension deficit in the UK. (Reporting by Maria Sheahan; Editing by Sherry Jacob-Phillips)

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