February 2, 2012
ThyssenKrupp, Essen, Germany, and Outokumpu have announced the combination of Outokumpu with Inoxum, the stainless steel unit of ThyssenKrupp, to create a new, global stainless steel company. The transaction is expected to be completed by the end of 2012.
Outokumpu is a provider of austenitic and duplex steels used in the chemical and energy sectors. Inoxum offers ferritic, nickel-free steel for the automotive and white goods industries and high-performance alloys for the aircraft industry.
The combined entity will operate under the name of Outokumpu, which will continue to have headquarters in Espoo, Finland. Mika Seitovirta will continue as CEO of the combined entity. Clemens Iller, CEO of Inoxum, will have other duties at ThyssenKrupp after the closing.