FRANKFURT, Oct 4 (Reuters) - Germany’s second-largest steelmaker Salzgitter (SZGG.DE: Quote, Profile, Research) will cooperate with UK rival Corus (CS.L: Quote, Profile, Research) in the development of steels with high strength and ductility (HSD), Salzgitter said on Tuesday.
The HSD steels contain high levels of manganese and are used in a wide range of applications, such as complex mechanical parts and in cars.
“Information on the progress of the development including the availability of products and applications will come in 2006,” Salzgitter said.
Corus recently was said to be interested in acquiring shares in Salzgitter, sending the stock to fresh record highs.
Many European steel companies, including Salzgitter, are looking to use their cash piles acquired during a continued boom in the international steel markets to consolidate what remains a very fragmented industry.