The Wall Street Journal has reported that ThyssenKrupp AG has agreed in principle to sell its stainless steel business to Outokumpu Oyj of Finland for EUR 2.7 billion.

ThyssenKrupp's stainless unit operates part of the company's USD 5 billion steel mill in north Mobile County. It employs 550 people locally.

Officials with ThyssenKrupp Stainless USA declined to comment immediately.

Officials with ThyssenKrupp and Outokumpu declined to comment to the Wall Street Journal.

The company announced in May that it would seek to divest itself of the more volatile stainless steel unit. In September, it renamed the unit Inoxum. Last week, a ThyssenKrupp spokesman said the company was negotiating with Outokumpu.

(Sourced from blog.al.com)