October 18, 2007 -- German's largest steelmaker ThyssenKrupp AG decided to add Euro-500-million investments in China, to expand its business into one of world's fastest growing market, said the company's CEO Ekkehard Schulz. The investments will fund the company's expansion in elevator, automobile components, industrial services and steel plate manufacturing industries.
The steelmaker is considering to launch another galvanized steel plate manufacturing plant with Anshan Steel & Iron Group, a leading steel producer in China, in March next year. ThyssenKrupp will invest Euro 150 million into the new plant, which has annual production capacity for galvanized steel plates of 430,000 tons, to meet the surging demand in automobile sectors. ThyssenKrupp owns currently 42 companies in China. ThyssenKrupp has achieved sales revenue of Euro 1 billion in China last fiscal year, 40% from Shanghai ThyssenKrupp Steel Corp.It plans to raise its sales output to Euro 2 billion within 5 years, with an annual growth rate of 20%.
Source: China Knowledge Press
