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Chinese steel producer buys ThyssenKrupp's subsidiary

(Xinhua)

08:20, September 29, 2012

WUHAN, Sept. 28 (Xinhua) -- China's Wuhan Iron and Steel Corporation (WISCO) signed an agreement on Friday with Germany's ThyssenKrupp AG to buy its subsidiary ThyssenKrupp Tailored Blanks.

The purchase is a significant step in the "go global" strategy of WISCO, China's second-largest producer of auto sheets, said general manager Deng Qilin.

The move will help the Chinese company establish a complete industry chain, facilitate its international development and expand its global market share, Deng said.

The general manager added that WISCO will step up its strategic cooperation with ThyssenKrupp and try to grow into a highly competitive international steel supplier in "a comparatively short period of time."

However, the two parties have agreed not to disclose the purchase price, and the deal is subject to approval by supervisory and regulatory bodies, according to the German company's website.


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