Salzgitter acquires remaining MRW shares from ThyssenKrupp

Mannesmannröhren-Werke new owner of Fuchs Rohr.

The Mannesmannröhren-Werke AG (MRW), a Salzgitter AG subsidiary, is strengthening its activities in the area of welded steel line pipes. Commercially effective as of January 1, 2004, MRW will acquire the 50% capital share of Röhrenwerke Gebr. Fuchs GmbH (Fuchs Rohr), based in Siegen, which was previously held by ThyssenKrupp Stahl AG. An agreement on this transaction has now been signed. The transaction is still awaiting the approval of the cartel office and the respective supervisory bodies. Subsequent to this approval, MRW will hold all shares of Fuchs Rohr. The pipe manufacturing activities were no longer part of core activities at ThyssenKrupp Stahl.

At the same time, Salzgitter AG - that had acquired Mannesmannröhren-Werke AG in the year 2000 - will purchase the remaining 0.7 % shares of MRW still held by ThyssenKrupp AG. The parties agreed to observe confidentiality with regard to the acquisition price of both share pack-ages.

Since many years Fuchs Rohr has been successfully active as a medium-sized player with inter-national activities on the markets for medium dimension (114 mm to 406 mm external diameter) welded line pipes. The product range is rounded off by extensive offerings of ancillary products and services. In the previous business year the company employed 330 members of staff and generated sales in excess of EUR 100 million. The innovative company based in Siegen, Germany, serves clients in the power industry and water supply industry, as well as customers in the plant engineering and machine building areas.