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Bidders Including JFE Holdings, Inc. Line Up For ThyssenKrupp AG's Steel Americas Mills-Reuters

Wednesday, 10 Oct 2012 11:38am EDT 

Reuters reported that global steel companies including ArcelorMittal, United States Steel Corp and POSCO have made first round bids for ThyssenKrupp AG's steel mills in Brazil and the United States. Nucor Corporation, Japan's JFE Holdings, Inc., China's Baoshan Iron & Steel Co., Ltd.and Brazil's CSN also submitted bids. ThyssenKrupp said in May it was considering all options for the loss-making steel mills, including a partnership or a sale, to halt the losses and concentrate on its European business. The plants were meant to give ThyssenKrupp a foothold in the Americas, but the mills have had to struggle with rising costs and sluggish demand. the mills separately for at least their combined book value of EUR7 billion ($9 billion). Bids were at only about EUR3-4 billion. Brazil's Usinas Siderurgicas de Minas Gerais S.A. and Gerdau S.A., Japan's Nippon Steel & Sumitomo Metal Corp and AK Steel Holding Corp, which had been named as possible bidders - have not made any indicative offers.