(Corrects third paragraph to show Companhia Siderúrgica
Nacional's $3.8 bln bid is for ThyssenKrupp's Alabama plant as
well as a majority stake in a Brazilian mill)
Jan 16 ArcelorMittal SA and Brazil's
Companhia Siderúrgica Nacional have emerged as
leading contenders to acquire ThyssenKrupp AG's steel
operations in the United States, the Wall Street Journal
While U.S. steelmaker Nucor Corp was also a
potential bidder, it is less likely to succeed as it lacked the
balance sheet flexibility compared to the other steel makers,
the Journal said, citing people familiar with the situation.
ArcelorMittal has submitted a $1.5 billion bid for
ThyssenKrupp's plant in Alabama, while the Brazilian company
made a $3.8 billion bid for that plant and a majority stake in a
Brazilian mill, the Journal said. (link.reuters.com/tup35t)
ArcelorMittal said last week that it had put in a bid to buy
assets that ThyssenKrupp has put up for sale.
The largest German steel maker, which invested $11.8 billion
in its foray into the American market, has been plagued by the
downturn in Europe, ballooning losses and poor project
management at its plant in Brazil and the United States.
The company has said its Steel Americas project will be sold
this year, as it shifts investment into higher margin products
like elevators, plant components and submarines.
ThyssenKrupp and ArcelorMittal's spokespeople were not
available for comment outside regular business hours.
(Reporting by Avik Das in Bangalore; Editing by Stephen Coates)