Stainless steel producers ThyssenKrupp Nirosta GmbH (Germany) and AvestaPolarit Oyj Abp (Finland) today signed a letter of intent under which ThyssenKrupp Nirosta is to sell its quarto plate business (volume 40,000 metric tons p.a., sales 95 million euros) to AvestaPolarit. Negotiations are hoped to be completed by the end of 2002. Toll production at ThyssenKrupp VDM GmbH in Siegen and Altena, Germany is to continue.

Dr. Helmut Hadrys, Chief Executive of ThyssenKrupp Stainless GmbH and Vice Chairman of the Executive Board of ThyssenKrupp Steel AG, said: "The sale of our quarto plate business is a further step in our consistent efforts to streamline our product portfolio to concentrate on our core cold-rolled products. In terms of quality and delivery performance we already hold a leading position in Europe, and we are aiming to strengthen and build on this position."

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