German steel giant ThyssenKrupp has announced that it has completed the sale of its subsidiary ThyssenKrupp Tailored Blanks, which produces tailored steel blanks for the auto industry, to China-based steelmaker Wuhan Iron and Steel Corporation (WISCO). Following the approval by the responsible regulatory authorities, the closing of the deal took place on July 31. The parties have agreed not to disclose the purchase price.
The sale agreement was signed in September 2012 under the scope of the portfolio optimization announced by ThyssenKrupp in May 2011.
ThyssenKrupp Tailored Blanks is an important supplier of body systems to the auto industry. Tailored products are made of individual sheets of different steel grade, thickness or finish, joined together by laser welding.