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Outokumpu to become global leader in stainless steel industry

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Publish time: 4th January, 2013      Source: ChinaCCM
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Outokumpu announced last week that it has completed the Inoxum transaction with ThyssenKrupp AG. The acquisition results Outokumpu a 40% market share in Europe and 12% globally, the largest portfolio in the industry.

ThyssenKrupp becomes a major shareholder in Outokumpu with 29.9% of the shares through directed share issue.

With unparalleled technical expertise and customer knowledge, the new Outokumpu begins its operations with new structure and leadership on December 29, 2012 as a clear global leader in stainless steel and high performance alloys.

The transaction enables a strategic optimization of production structure, further helps savings in the operation. The combination is set to create annual cost synergies of €200 million, of which €50 million is already expected in 2013, and is aiming to reach €150 million in 2014 cumulatively.

The combination has around 16,900 employees, with revenues of €9.6 billion, according to 2011 estimation and cold rolling capacity of approximately 2.8 million tons.