The steel business, which is mainly located in Duisburg and has 28,000 employees, is a horror picture. Incoming orders fell by almost a quarter in the first nine months of the 2019/20 financial year (September 30), and the trend is still falling. At just under 5.5 billion euros, steel revenues have so far been around a fifth below the previous year’s period. The result before taxes and interest is minus 841 million euros after minus 75 million in the first nine months of 2018/19. It goes without saying that the inflow of funds is deep in the red. The so-called business cash flow has so far shown a minus of almost 1.4 billion euros in the current financial year. This is partly due to a change in the accounting for lease liabilities, but one way or another: Thyssenkrupp Stahl burns a lot of money and ties up a lot of capital with its plants. One can only speculate about the takeover price that Liberty Steel, which employs 30,000 people and achieves the equivalent of around 13 billion euros in annual sales, is offering.