ThyssenKrupp and Outokumpu announced the combination of Outokumpu with Inoxum, the stainless steel unit of ThyssenKrupp, to create a new global leader in stainless steel. Under the agreement, ThyssenKrupp will obtain a 29.9% stake in the new company for its transfer of Inoxum. The combined entity will operate under the name of Outokumpu, which will be headquartered in Espoo, Finland. Outokumpu plans to reduce melting capacity by closing the meltshop at the German production site in Krefeld. The meltshop in Bochum will be preserved at least until the end of 2016.            

All German production sites of Inoxum will be preserved without restrictions at least until 2015. The meltshop in Krefeld will be gradually shut down until the end of 2013. Until then, the strip casting equipment will continue to operate. Overall, there will be an enhancement of the cold-rolling facility in Krefeld, which includes the establishment of a research and development center and the transfer of an additional cold-rolling volume of 70,000-90,000 tons per year to Krefeld and Dillenburg. This transaction is expected to be completed by the end of 2012.