Thyssenkrupp, Tata Steel merger talks: 'Nothing off-limits,' says German giant's CEO

Thyssenkrupp could sell most of its steelmaking division, its CEO said on Tuesday, marking a historic reversal in strategy for the German conglomerate which has built its 200-year-old legacy as an industrial champion on the business.

"Nothing is off-limits anymore," Martina Merz said when asked by Reuters if Thyssenkrupp could a sell a majority stake in the steel business.

The chief executive was speaking hours after announcing that the group was in talks with steel industry peers about consolidation options. She said the coronavirus pandemic was opening up new possibilities for cooperation.

"We are drawing on the full range of options," she told journalists on a call. "That means all forms of consolidation are being looked at, including mergers, takeovers, us acquiring peers, and us developing the unit independently."

The fact that the steel division is not longer deemed an essential part of Thyssenkrupp represents a seismic shift for a company that started off life in 1811 when Friedrich Krupp set up a factory to make cast steel.