26
Apr
18:08
TimkenSteel sells Chinese branch
US specialty steel producer TimkenSteel has opted to sell its Chinese subsidiary TimkenSteel (Shanghai) Corporation, Kallanish learns from a company release.
TimkenSteel will sell the subsidiary to Daido Steel (Shanghai) Co for $7 million in cash.
The divestment is slated to close in the third quarter.
"With this arrangement, Daido will move from a valued supplier to a key authorised distributor of TimkenSteel products in China," says…
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Anonymous
Very good overview of the weekly steel market.
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