Daido Steel to acquire TimkenSteel's Chinese sales entity

Daido Steel Co., Ltd. and its subsidiary Daido Steel (Shanghai) Co., Ltd. have signed an agreement to purchase the registered capital of TimkenSteel (Shanghai) Corporation Ltd., a sales entity with technical support functions in China, from TimkenSteel Corporation. The acquisition aims to strengthen Daido Steel's supply chain and customer support for SBQ products in China.

“Daido Steel Co., Ltd. and Daido Steel (Shanghai) Co., Ltd. have signed an agreement with TimkenSteel Corporation regarding the purchase and sale of the registered capital of TimkenSteel (Shanghai) Corporation Ltd.”daido.co.jp

• 3 sources
• daido.co.jpRegarding the signing of an agreement to purchase the registered capital of a Chinese business entity (local corporation) of TimkenSteel Corporation | About DAIDO STEEL | DAIDO STEELApr 26, 2021
• investors.metallus.comMetallus Inc. - TimkenSteel Enters into an Agreement to Sell TimkenSteel (Shanghai) Corporation Limited to Daido SteelApr 26, 2021
• daidodmsv.comAgreement to purchase the registered capital of a Chinese business entity ⋆ Daido DMS VietnamJun 10, 2021

Summarized from public sources; check the original articles before acting on it.