German heavy industry giant Thyssenkrupp said Tuesday it is buying out its Brazilian partner Vale in the Brazilian steel mill CSA to become sole owner.

"Thyssenkrupp is streamlining the ownership structure of the Brazilian steel mill Thyssenkrupp CSA (CSA) and purchasing all the shares currently held by Vale," or 26.9 percent, the German group said in a statement.

"Thyssenkrupp will thus become the sole owner of CSA."

The shares would be acquired for "a symbolic purchase price in combination with an earn-out for the event of a sale of CSA," the statement said.

The transaction would not result in any financing requirements for Thyssenkrupp, it added.

The aim was to "reduce complexity and risks and increase its room for manoeuvre for the further development of CSA," ThyssenKrupp explained.

ThyssenKrupp is currently seeking solutions for its steel activities and has recently become the object of much speculation over a possible European tie-up with Indian giant Tata Steel, which has put its British steel business up for sale.