Germany – Germany-based ThyssenKrupp has reached agreement in principle to combine its stainless steel business, Inoxum, with Finland’s Outokumpu.
The German group will take a 29.9% stake in the new company through a transaction valued at Euro 2.7 billion (US$ 3.5 billion).
The melting shop at Krefeld in Germany will be shut down by the end of 2013, while the melt shop in Bochum will be preserved at least until the end of 2016 and will be reviewed for cost-effectiveness during that period.
The merger is subject to approval from anti-trust authorities.
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