One of the German steelmakers, ThyssenKrupp announced on Tuesday that it would invest EUR 60 million to build an auto parts plant in Sibiu, Romania. The new plant would be responsible for the production of dampers for Daimler, Jaguar, Land Rover and Porsche.

Over the past two decades, ThyssenKrupp had already produced dampers in Sibiu, and the new plant would be extended by existing production bases.

The damper business was part of the Group's automotive parts division, with sales for the fiscal year 2017-2018 of EUR 7.9 billion.

Karsten Kroos, chief executive officer (CEO) of ThyssenKrupp's automotive business, mentioned that the investment involved new technologies in addition to expanding production in Europe.