ThyssenKrupp AG, Germany's largest steelmaker, is nearing a deal to sell its three automotive steel units and has lined up potential buyers for the businesses that have annual combined revenues of around €2.5 billion ($3.28 billion), Reuters yesterday reported, citing several people close to the transaction.

The sale comes less than three months after the Essen-based steel maker sold its Inoxum stainless steel division to Finland's Outokumpu Oyj, for €2.7 billion ($3.55 billion) in late January. (See: ThyssenKrupp to sell Inoxum stainless steel to Finland's Outokumpu for $3.55 bn)

ThyssenKrupp, whose business stretches from submarines to lifts, had announced in May 2011 an extensive reorganisation that includes the sale or spinoff of its non-core units in order to cut debt and focus on engineering.

The three units up for sale are its ThyssenKrupp Springs and Stabilizers, its iron-casting unit ThyssenKrupp Waupaca Inc and Thyssenkrupp Tailored Blanks, said the news agency.

ThyssenKrupp Springs and Stabilizer was spun-off from ThyssenKrupp Bilstein Suspension in October 2011. Its product range comprises steel springs, full stabilisers, as well as premium products as weight-optimized tubular stabilisers and part-stabilisers.

It has a global workforce of more than 2,500 at seven locations in Europe, North and South America, and China. It is currently building another plant in China, which is its biggest market.