ThyssenKrupp has announced that it is on the verge of a deal to trim but retain its stainless steel business, seeming to end speculation about the future of the loss making division. Analysts have suggested ThyssenKrupp might opt for a sale of its stainless steel assets or set up a JV. Under the deal now being proposed, around 300 of the 3900 jobs would be cut from 1 January 2010 at Nirosta, which produces 90% of ThyssenKrupp’s stainless output. Jobs would be cut by natural attrition. All four Nirosta factories in Germany would be retained. In addition, Nirosta would reduce the number of core production shifts to 18 from 21, cutting the equivalent of one day of work per week.
