China’s Wuhan Iron Picks Up ThyssenKrupp Auto Steel Unit

Law360, New York (September 28, 2012, 6:31 PM EDT) -- Wuhan Iron and Steel Group Corp. on Friday inked a deal for ThyssenKrupp AG’s niche automobile steel division, making the Chinese buyer the world’s biggest producer of tailored blanks, laser-welded steel sheets that can be formed into different car parts.

The acquisition gives WISCO control of ThyssenKrupp Tailored Blanks Group, which last year posted €700 million ($900 million) in sales and controlled approximately 40 percent of the global market share in tailored blanks, according to parallel statements from the parties.

“WISCO is optimistic about the global...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.