Germany's largest steelmaker, ThyssenKrupp, announced to rename its stainless global division to Inoxum to separate its stainless business from the group starting from September 30th.

According to the presentation on the official website, ThyssenKrupp noted that “Inox” is stemmed from French acier inoxydable, and it is a synonym for stainless steel. Inoxum is positioned as a market and innovation leader by differentiating itself from its competitors.

Inoxum will keep operating ThyssenKrupp’s stainless production and business in the world, including in Germany, Italy, Mexico, China and the United States. ThyssenKrupp accounted for 40% of stainless market in Europe.

The spokesman said that the company will complete its separation process by end of 2012, but he didn’t say through which ways. He added that a spin-off, initial public offering (IPO) of shares or a sale of all remaining business are under consideration.