ThyssenKrupp aims to expand presence in China

ThyssenKrupp aims to expand presence in China

German company ThyssenKrupp has announced that they are now aiming to expand their presence in the Chinese market.

ThyssenKrupp said in a statement that they are aiming to double its China sales to 2 billion Euros in the next couple of years.

They are also planning to invest 500 million Euros in China over the same period. These investments would be made in sectors including automotive components, elevators and bearings for windmills.

Company CEO Ekkehard Schulz is however critical of the Chinese government. He said: “Ten million tonnes of steel will be exported to the EU this year. Last year was only half that. All the measures taken by the Chinese government to curb these exports have been without effect so far.”