ThyssenKrupp Stainless, world market leader in flat-rolled stainless steel and nickel-base alloys, and the Italian TAD group signed a letter of intent under which ThyssenKrupp Acciai Speciali Terni is to acquire the service center activities and trading business of TAD Metals and Steel Sider with 184 employees on the Italian stainless market. Annual volumes of around 60,000 tons of flat-rolled stainless steel and 10,000 tons of other steel products represent sales of over 120 million euros. Negotiations are to be completed by mid-2003: however, the acquisition is subject to approval by the regulatory authorities and the supervisory bodies of the parent companies in question.

Jürgen Fechter, Vice Chairman of the ThyssenKrupp Stainless Executive Board and Sales Director, says: "The acquisition of the TAD Metals business in Italy will consolidate our leading position on the second most important market in Western Europe. We will position ourselves even closer to consumers in line with our philosophy of expanding customer-centric services linking to our core capabilities. At the same time we will further strengthen and intensify our long-standing business relationship with the TAD group."

TAD group is one of the leading distributors of flat-rolled stainless steel products in Western Europe and North America. With more than 60 branches worldwide, the group sells over 200,000 tons of steel products yearly.

Contact:

ThyssenKrupp Steel AG

Erwin Schneider
Tel.: +49 203 52 2 56 90
Fax: +49 203 52 2 57 07
e-mail: erwin.schneider@tks.thyssenkrupp.com

Dietmar Stamm
Tel.: +49 203 52 2 62 67
Fax: +49 203 52 2 57 07
e-mail: dietmar.stamm@tks.thyssenkrupp.com