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ThyssenKrupp to revamp stainless steel operations

Handelsblatt, citing unidentified people at the company, reported that ThyssenKrupp AG will take steps to revamp its money losing stainless steel unit,

As per report, Dr Ekkehard Schulz CEO of ThyssenKrupp will ask the supervisory board on November 25 to approve EUR 240 million for the closing of the stainless steel plant in Dusseldorf and the shifting of production to a factory in Krefeld.”

The report added that “ThyssenKrupp is in talks with China’s Baosteel Group Corp Ltd. about ending the Shanghai Krupp Stainless joint venture.”

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