SHANGHAI Central Chinas Wuhan Iron & Steel (Group) Corp. has completed its takeover of ThyssenKrupp AGs automotive parts venture TWB Co. LLC.
The German steelmakers subsidiary operates 16 plants in Germany, Sweden, Italy, Turkey, the United States, Mexico and China. It supplies about 40 percent of the global tailor-welded blanks market, it said.
Wuhan and ThyssenKrupp signed the takeover agreement in September 2012, after which the Chinese steelmaker set up an international tailor welded blanks company registered in Duisburg, Germany.
Wuhan expects the takeover to enhance its competitiveness in the global auto steel market with advanced technology in tailor-welded blanks.
A version of this article was first published in AMM sister publication Steel First.