ThyssenKrupp to Sell Auto Steel Unit to Chinese Company

China's Wuhan Iron and Steel Co. has agreed to buy ThyssenKrupp AG's Tailored Blanks business for an undisclosed price.

The Duisburg, Germany-based unit makes laser-welded lightweight steel sheets used to form exterior body panels for automobiles. ThyssenKrupp says the unit, which generated revenue of €700 million ($909 million) last year, controls 40% of the global market for such steel.