ThyssenKrupp talks with US suppliers

ThyssenKrupp AG is talking with US suppliers to the auto industry about possible cooperation. The steelmaker is trying to expand into the world’s largest auto market amid the worst economic crisis since the Great Depression. US car sales last month dropped to their lowest since December 1981. The North American Free Trade Association zone accounted for 14% of ThyssenKrupp’s sales in the year to 30 September 2008. The sale of the ThyssenKrupp Presta AG steering and camshaft operations will probably be delayed until the fiscal year starting in October because financing is more difficult to obtain. The stainless steel industry should consolidate in the mid- to long-term and ThyssenKrupp is interested in finding a partner for its stainless operations. The company will delay the opening of a stainless plant in Alabama by about a year to save cash as demand for the metal used in kitchens and bathroom fixtures remains low. ThyssenKrupp took a EUR 250 million writedown on metal stockpiles in the three months through December.
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