December 4, 2007 -- ThyssenKrupp AG expects for its current business year 2007/2008 launching costs of some 200 mln eur for its steel plants under construction in Brazil and the US, chief executive Ekkehard Schulz said.

Speaking at a press conference in Essen, he said both projects are running according to schedule and budget.

Schulz said the company in principle is seeking to take over the 25 pct stake One Equity Partners owns in ThyssenKrupp's shipyard unit Howaldtswerke Deutsche Werft (HDW), but did not specify a schedule.

Commenting on industry fears of significantly higher raw material prices during 2008, Schulz declined to say by how much he expects iron ore and coal prices to increase.

He said the company is "comfortable" with an exchange rate of 1.50 usd per euro, but not above that.

Meanwhile, the German steel-maker's chief financial officer Ulrich Middelmann said the Greek government is behind the payment schedule by 270 mln eur for four submarines to be supplied by ThyssenKrupp.

He said ThyssenKrupp is in close talks with the Greek government to solve the issue.

Source: AFX Asia