Outokumpu

While Nokia is Finland's claim to fame as a technology leader, it is home to other big companies such as paper and packaging companies UPM-Kymmene and Stora Enso, and stainless steel producer Outokumpu.

Finnish Economy, National Pride Hit by Nokia News Arild Moen 2011

ThyssenKrupp workers' representatives had opposed the sale unless Outokumpu pledged to protect German jobs.

ThyssenKrupp to Sell Inoxum in €2.7 Billion Deal Jan Hromadko 2012

FRANKFURT—German steelmaker and engineering company ThyssenKrupp AG has agreed in principle to sell its stainless-steel business to Outokumpu Oyj of Finland in a transaction valued at €2.7 billion $3.6 billion, a person familiar with the matter said Monday.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

ThyssenKrupp, meanwhile, would take a stake of just below 30% in Outokumpu and keep that stake for at least a year, the person added.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

Under the deal, Outokumpu would buy ThyssenKrupp's stainless-steel business for a cash sum, the person familiar with the matter said.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

Outokumpu also will acquire ThyssenKrupp debt that is likely to total three figures in millions of euros, the person said.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

Over the past few days, IG Metall has organized several demonstrations by ThyssenKrupp workers, seeking assurances from Outokumpu, including an exclusion of mandatory layoffs.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

Elsewhere, ThyssenKrupp gained 2.6% after confirming it is in talks with Finnish rival Outokumpu about a potential business combination of Outokumpu and ThyssenKrupp's stainless-steel operations Inoxum.

European Stocks Rise Andrea Tryphonides 2012

The sale of ThyssenKrupp's Inoxum unit to Outokumpu would create the world's largest maker of stainless steel, with 18,000 employees and more than €10 billion in annual revenue.

ThyssenKrupp Sets Sale Of Its Stainless-Steel Unit Jan Hromadk 2012

ThyssenKrupp agreed in principle to sell its stainless-steel operations to Outokumpu of Finland in a transaction valued at $3.6 billion.

What's News— 2012