ArcelorMittal bids for ThyssenKrupp’s Americas steel business
22 Oct 2012
ArcelorMittal, the world's largest steelmaker is among eight bidders in the race for Germany steel maker ThyssenKrupp's unprofitable US and Brazilian plants.
The Essen-based steelmaker is currently evaluating the bids it has received from global steelmakers, including South Korea's Posco, US Steel Corp, Nucor Corp, Japan's Nippon Steel and JFE Holdings, Latin America's Ternium SA, and Brazil's Companhia Siderúrgica Nacional.
German newspaper Die Welt had earlier reported that ThyssenKrupp may opt to shortlist two or three bidders next month.
Some steelmakers like ArcelorMittal and Posco may be interested in ThyssenKrupp's both US and Brazilian plants, while the US steelmakers may be interested only in the US plants.
After posting a €1-billion loss for 2012 at its Brazil and the US operations, ThyssenKrupp had said in May that it is considering taking on a partner or sell its steel plants in Brazil and the US in the face of rising costs and slow demand in North America.
Heinrich Hiesinger, chairman, ThyssenKrupp, had said that the economic parameters have changed since the development strategy for its plants in Rio de Janeiro and in Mobile, Alabama.