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ThyssenKrupp completes stainless steel unit sale
Photo: DPA

ThyssenKrupp completes stainless steel unit sale

Published: 28 Dec 2012 12:25 GMT+01:00
Updated: 28 Dec 2012 12:25 GMT+01:00

"ThyssenKrupp today completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu," the German group said in a statement.

Under the terms of the agreement, announced at the beginning of this year, ThyssenKrupp is to receive €1 billion ($1.3 billion) in cash from Outokumpu. In addition, Outokumpu will assume €133 million of Inoxum's debt, as well as pension liabilities of around €338 million.

ThyssenKrupp said it would also receive a loan note from Outokumpu with a current value of around €1.25 billion plus a 29.9 percent stake in the new merged entity, which will be the new world leader in the stainless steel segment.

ThyssenKrupp -- which also makes elevators, industrial plant technology, submarines and car parts -- is undergoing a huge transformation, and posted a loss of €4.7 billion for the year following a writedown of two loss-making steel plants.

AFP/mry

The Local (news@thelocal.de)

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