ThyssenKrupp plans €10 billion divestment, stainless steel business included

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.