Defense News reported that ThyssenKrupp will restructure its marine systems business area, merging Blohm+Voss Naval and Howaldtswerke Deutsche Werft to strengthen the group's market position in ship and submarine building, effective October 1st 2012.

According to Defense News, the future ThyssenKrupp Marine Shipyards will be responsible for the entire operative side of the naval shipbuilding business in Germany and have about 2,700 employees at its three German sites in Kiel, Hamburg and Emden.

The announcement comes as ThyssenKrupp reviews strategic options for its steel plants in Brazil and Calvert. Last week, the steelmaker hired Goldman Sachs and Morgan Stanley to review possible partnership or sale options for the two mills.

The company put its steel slab making unit in Rio de Janeiro and its flat rolled carbon steel mill in Calvert up for sale in May after years of struggling with delays and cost overruns. ThyssenKrupp has invested a total of USD 15 billion in the two mills, valued together at about USD 9 billion.

ThyssenKrupp has already sold its stainless steel operations in Calvert to Finland based Outokumpu Oyj in a USD 3.6 billion deal announced in January 2012.

Source - Defense News

(www.steelguru.com)