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German steel giant ThyssenKrupp has confirmed that an agreement in principle has been reached regarding the sale of its stainless steel unit Inoxum to Finland-based steelmaker Outokumpu.
 
Additionally, an agreement was reached between the negotiating partners and the employee representatives on Tuesday, January 31. According to the agreement, Inoxum's melt shop in Krefeld will be gradually shut down by the end of 2013. Until then, the strip casting equipment will continue to operate. Meanwhile, the melt shop in Bochum will be preserved until the end of 2016. All German production sites of Inoxum will be preserved without restrictions at least until 2015.
 
The transaction that is subject to the approval of ThyssenKrupp's management board is worth €2.7 billion. ThyssenKrupp will have a minority stake of 29.9 percent in the new company.