On May 5,
Germany-based steel giant
ThyssenKrupp said that its board has agreed on divestments within the context of portfolio alignment of approximately €10 billion and 35,000 employees - based on the previous fiscal year.
Accordingly,
ThyssenKrupp will separate its
stainless steel business. In the last fiscal year the company's
stainless steel business achieved sales of €5.9 billion. The separation from
ThyssenKrupp is expected to result in "an independent European market and quality leader within the
stainless steel industry, giving
Stainless the opportunity to develop its competitive position with greater flexibility - also with regard to potential strategic partnerships," said
ThyssenKrupp.
ThyssenKrupp also plans the divestment of
ThyssenKrupp Waupaca. Currently, the company has sales of almost €900 million and around 3,000 employees. The company is the market leader in the area of iron casting in the US, according to the company's statement.
These measures will be presented to
ThyssenKrupp's supervisory board for approval on May 13, 2011.