ThyssenKrupp sells special profile business to Calvi

ThyssenKrupp sells special profile business to Calvi

Germany's ThyssenKrupp Steel announced that it would sell a majority stake of its Hoesch Hohenlimburg GmbH subsidiary's special profile operations to Italy's Calvi Holding Group. According to the agreement, Calvi will purchase 75.1 percent of Hoesch Hohenlimburg GmbH's special profile facilities, located in Schwerte, Germany. The transfer is subject to approval by the supervisory bodies and is planned to take effect at the end of 2005. With the acquisition, Calvi will become the world's largest manufacturer of rolled, extruded and cold-drawn special profiles. Following the sale of the special profiles operations, Hoesch Hohenlimburg will concentrate on medium-wide strip. The company shipped 900'000 metric tons of medium-wide strip during the previous fiscal year, and it hopes to ship one million metric tons during the current fiscal year. Special profiles are tailor made hot rolled steel shapes designed to meet individual customer requirements. The companies did not give any information regarding the purchase price.