Finns Set to Take Over ThyssenKrupp Stainless

The new ThyssenKrupp Stainless plant near Mobile, rebranded as Inoxum to make it spin-off ready, has been combined with Outokumpu Oyj, based in Finland, “to create a new global leader in stainless steel, ” ThyssenKrupp says. The German firm will get 2.7 billion euros, or about $3.5 billion, and a 29.9 percent stake in the new company.

In reporting the story in February, the Mobile Press-Register noted that the German company received $1 billion in tax breaks and incentives for picking the Calvert location—incentives that are transferable to the new owner if local and state authorities approve.

Outokumpu shareholders and regulatory agencies must still approve the deal.

Heinrich Hiesinger,  CEO of ThyssenKrupp, and Mika Seitovirta, CEO of Outokumpu, at a press conference Feb. 1 announcing the purchase agreement.


- Sponsor -

By Nedra Bloom

The latest Alabama business news delivered to your inbox