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Siemens Rethinks Nuclear Ambitions

German engineering giant Siemens AG is considering whether to abandon its goal of becoming a major player in the atomic-power industry, according to people familiar with the matter, as Japan’s nuclear crisis continues to unfold. While top executives at Siemens haven’t made any decisions or proposed a pullback to its supervisory board, they have been rethinking the company’s two-year-old plan to form a partnership with the Russian State Atomic Energy Corp., or Rosatom, these people said. That plan has been the centerpiece of Siemens’s nuclear strategy. The second thoughts at Siemens show how swiftly the accident at the tsunami-stricken Fukushima Daiichi plant in Japan has upended the nuclear-energy revival that the company and its rivals had expected amid rising global energy demand and concerns about global warming. While others in the nuclear industry, such as General Electric Co. and Toshiba Corp.’s Westinghouse Electric Co. unit, have continued to express confidence in the future of atomic power, Siemens executives have been more guarded in their public comments in recent weeks. More…

News selected by Covalence | Country: Global, Japan | Company: Google | Source: Wall Street Journal

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