ThyssenKrupp looks for partner

ThyssenKrupp AG may be shopping for a partner in its worldwide stainless steel business or for its USD 4.65 billion complex in Calvert, following the 27 March 2009 vote of the steelmaker’s board to restructure the company. ThyssenKrupp’s corporate restructuring, especially when combined with the delay in the new US stainless unit, has caused some to question the company’s will to complete the massive Calvert project, although ThyssenKrupp has already invested more than USD 2 billion. It may be noted that ThyssenKrupp is trying to build up its sales of steel in North America, particularly to automakers and has deployed a sales force to seek new business. Right now, 14% of ThyssenKrupp’s sales come in North America.
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