DaimlerChrysler, Thyssen Form Steering System Joint Venture.

DaimlerChrysler AG and Germany's steel and heavy engineering group ThyssenKrupp said they will form a joint venture to build steering systems, the IG Metall union said. German press reports stated that Thyssen would take a 60 percent stake in the joint venture, with Daimler holding the remaining 40 percent.

The management of both companies had signed declarations of intent on January 21, with an option for Thyssen to buy out the Daimler stake in 2005 as part of the agreement, according to the reports.

Thyssen has said in the past it wanted to extend its automotive parts business, and has been in talks with Germany's Adam Opel AG, a unit of General Motors about buying or taking a stake in one of the carmaker's parts factories.