ThyssenKrupp expanding China business

ThyssenKrupp is joining an ever-growing group of German companies expanding their businesses in China. Following the lead of firms like Siemens and Volkswagen, the industrial concern plans to produce ten times as much steel in China in 2004, according to an interview with CEO Ekkehard Schulz. ThyssenKrupp's production hall in Shanghai-Pudong, which it co-owns with Shanhai Krupp Stainless, will increase its production capacity from 280,000 tons to 700,000 tons, one year earlier than planned. Schulz also expressed optimism that the controversial and error-prone magnetic railway project it is involved in together with Siemens will be on track by January 2004.