ThyssenKrupp welcomes Trump's plans

One of the largest steel producers in the world expects to benefit from President-elect Donald Trump's investment program. The CEO of German giant ThyssenKrupp told CNBC that he is not worried about a more protectionist US approach when Trump takes office in January.

“I believe we are firmly committed to quitting smoking at last,” said Heinrich Hiesinger, CEO of ThyssenKrupp, regarding the firm's presence in the US market. He was confident the company "could benefit from the new US government's infrastructure program."

Trump previously pledged to invest $ 1 trillion in infrastructure for over a decade, specifically to improve vehicles. At the same time, the UK government has announced a similar policy with the desire to provide £ 23bn ($ 28.6bn) in additional spending in areas that include transport, communications, digital and other areas.

The US president-elect has also pledged to cut steel imports from China, but Thyssenkrupp is not worried that its production will be affected. “We don't know what the US will do with Chinese steel,” Hiesinger said, adding that “to date, we provide 80 percent of our sales to US customers by producing steel locally.”