ThyssenKrupp sells EWK to Swiss Steel
German steel producer ThyssenKrupp Steel (TKS) confirmed that it yesterday signed a contract regarding the sale of Edelstahl Witten-Krefeld GmbH (EWK) to Swiss Steel, Switzerland's lone steel maker. The deal is expected to be finalized in May 2005, with the acquisition effective retrospectively as of October 1, 2004. The price of the transaction has not been disclosed yet. The sale of EWK, which produces long products, falls in line with TKS' strategy to focus on flat steel production. Meanwhile, Swiss Steel plans to purchase a 75% stake in Edelstahlwerke Suedwestfalen GmbH (EWS) from Schmolz & Bickenbach Edelstahl GmbH. This would give Swiss Steel complete ownership of EWS.