ThyssenKrupp plans further growth in China

Global steel giant ThyssenKrupp Group has chalked out an ambitious expansion plan in China with an eye on the nation's fast-growing automobile market.

The Germany-based company already has a presence in China with TKAS Auto Steel Co or Tagal, a joint venture with Chinese steel producer Angang Steel. ThyssenKrupp said its European unit will acquire a stake in an Angang group company, which is building a hot-dip coating facility in the southwestern city of Chongqing.

Under the deal, ThyssenKrupp Steel Europe will own 12.5 percent of the company directly and 37.5 percent indirectly through Tagal, established in 2002 in the northeastern city of Dalian.