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.
ThyssenKrupp confirms sale of its stainless business
Tags: Stainless Stainless products Germany Finland Europe European Union Steelmaking M&A Outokumpu ThyssenKrupp
Marketplace Offers
Hot Drawn Stainless Plate
Thickness: 2 - 6 mm
Width: 1,000 - 1,500 mm
Length: 2,000 - 6,000 mm
MAIAK-M
Thickness: 2 - 6 mm
Width: 1,000 - 1,500 mm
Length: 2,000 - 6,000 mm
MAIAK-M
Cold Drawn Stainless Plate
Thickness: 0.5 - 3 mm
Width: 1,000 - 1,250 mm
Length: 2,000 - 2,500 mm
MAIAK-M
Thickness: 0.5 - 3 mm
Width: 1,000 - 1,250 mm
Length: 2,000 - 2,500 mm
MAIAK-M
Hot Drawn Stainless Coil
Thickness: 0.45 - 1.45 mm
Width: 0 mm
Coil: R
SAMBHV SPONGE POWER LIMITED
Thickness: 0.45 - 1.45 mm
Width: 0 mm
Coil: R
SAMBHV SPONGE POWER LIMITED
Similar articles
Marcegaglia Sheffield: Greater domestic sourcing could ease UK stainless steel quota concerns
13 Aug | Steel News