Wuhan Iron and Steel Corporation (Wusteel) signed an agreement on September 28 with ThyssenKrupp AG to buy its subsidiary ThyssenKrupp Tailored Blanks
The purchase is a significant step in the ‘go global’ strategy of Wusteel, China’s second-largest producer of auto sheets The move will help Wusteel establish a complete industry chain, facilitate its international development and expand its global market share.
Wusteel will step up its strategic cooperation with ThyssenKrupp and try to grow into a highly competitive international steel supplier in a comparatively short period of time. The two parties have agreed not to disclose the purchase price, and the deal is subject to approval by supervisory and regulatory bodies.
Headquartered in Duisburg, Germany, the ThyssenKrupp Tailored Blanks group is a leading supplier of tailored blank steel with a global market share of roughly 40%. Tailored products are made of individual sheets of different steel grade, thickness or finish, joined by laser welding. The technology results in decreased weight and thus decreased cost for auto bodies.
Wusteel has an annual capacity of around 40Mt, and has subsidiaries and sales offices in more than 10 countries, and is ranked number 321 in the Fortune 500 list for 2012.
Source: China Metals e-mail email@example.com