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Foundry Daily News

02. July 2012

China steel makers eye purchasing plant in Brazil

Global Times quoted according to an industry insider, China two largest steel makers, Baosteel Group Corporation and Hebei Iron & Steel Group are considering purchasing a steel plant in Brazil from Germany based ThyssenKrupp, the country largest steelmaker.

Mr Heinrich Hiesinger ThyssenKrupp chief executive said that his company would have to abandon its business operations in Brazil and the US after accumulating losses of around EUR 500 million in the first six months of this year. Meanwhile, ThyssenKrupp seeks to diversify away from steel by investing in technology.

Source - China Economic Review

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