Tag: stainless division
Thyssenkrupp severs stainless division
CEO of ThyssenKrupp, Heinrich Hiesinger, has announced that the company is splitting off its stainless division so that more of its sales fall to other divisions. As a result of the split, more than 35,000 workers will be let go. The main reason for splitting off the division comes as a result of overall debt, according to Hiesinger. The stainless steel division has been running at a loss over past few years with last year's turnover amounting to EUR 5.9 billion.
US steel mill contracts
ThyssenKrupp Stainless USA has awarded contracts to three European companies for some of the production equipment for the USD 3.7 billion steel mills at Calvert in US.
