* CSN chief said in June a bid was being considered
* ThyssenKrupp to exit CSA after hefty overheads
SAO PAULO, Sept 25 Brazilian steelmaker CSN
has hired the investment banking unit of Banco
Bradesco to advise on a potential bid for ThyssenKrupp's
money-losing Steel Americas unit, Valor Econômico newspaper
reported on Tuesday.
According to Valor, which cited people with direct knowledge
of the situation, other steel groups interested in
ThyssenKrupp's Brazilian and U.S. assets include ArcelorMittal
, Ternium, Nippon Steel, Gerdau
, Posco and Baosteel.
In June, CSN Chief Executive Benjamin Steinbruch said that
once ThyssenKrupp made data on the Steel Americas unit
available, the company "would look at it, as others will do
too". Bradesco BBI is CSN's adviser on the process.
Capital allocation issues at CSN will remain a concern to
investors, Barclays analyst Leonardo Correa said in a recent
report. CSN has for years sought to grow through takeovers,
sparking worries it would overpay for assets or boost debt.
At the time, Correa mentioned the potential bid for CSA, the
Brazil-based venture between ThyssenKrupp and Brazil's Vale
that is up for sale after overheads eroded
profitability. ThyssenKrupp owns 73 percent of CSA, with Vale
owning the rest.
A spokesman for CSN said the company would not comment on
the Valor report. Press officials at Bradesco and ThyssenKrupp's
Brazilian headquarters were not immediately available for