Tuesday, November 22, 2011

ThyssenKrupp's stainless steel saved on road to independence

BERLIN (Reuters) - The stainless steel division of the conglomerate
ThyssenKrupp is on its way to independence.

The mother is legally separate from its steel business and close it
from the organizational requirements for the announced sale, said
stainless steel division's chief Clemens Iller the "Rheinische Post"
(Friday edition). The division, which now operates under the name
"Stainless Global," will be called off Saturday "Inoxum". "As we are
now entering the Inoxum independence and make it visible to the
outside world that we are gradually cut the cord from our previous
parent company ThyssenKrupp," said Iller.

The ThyssenKrupp subsidiary is the world's largest manufacturer of
stainless steel and employs 11,000 people. Made the last unit
generated revenue of six billion euros. Financial investors shun the
business with its ups and downs, which is also heavily dependent on
commodity prices.

The sale of the division plans are part of the comprehensive
restructuring of ThyssenKrupp CEO Heinrich Hiesinger to pay off the
heavy debts of the company.

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