ThyssenKrupp Electrical Steel Plans to Sell Grain-Oriented Electrical Steel Business
04/23/2013 - ThyssenKrupp Electrical Steel announced it will integrate its non-oriented electrical steel product area into ThyssenKrupp Steel Europe effective 30 April 2013 and plans to sell off its grain-oriented electrical steel business.
ThyssenKrupp Steel Europe is currently working to implement the “Best-in-Class Reloaded” optimization program with a view to sustainably improving its competitiveness and profitability. The planned measures include changes at subsidiary ThyssenKrupp Electrical Steel, which has had to contend with a difficult market environment in recent times.
The supervisory board of ThyssenKrupp Electrical Steel has now made the following decision: The product area “non-oriented electrical steel” with a plant in Bochum, Germany, and just under 720 employees is to be integrated into ThyssenKrupp Steel Europe AG effective 30 April 2013. The product area “grain-oriented electrical steel” with plants in Gelsenkirchen, Germany (around 620 employees), Isbergues, France (around 590 employees), and Nashik, India (around 610 employees), is to be sold if possible as part of a best owner solution. The supervisory board has approved the preparatory measures for the sale process. Prior to this, agreements had been reached with the General Works Council of ThyssenKrupp Electrical Steel on areas such as minimum standards for the best owner solution, a strategy showing perspectives for the Bochum site, and the formation of an advisory committee.
