March 1, 2013 / 7:25 AM / 5 years ago

ThyssenKrupp CEO says bids in for Americas steel mills

DUESSELDORF, Germany, March 1 (Reuters) - Bids are coming in for ThyssenKrupp’s loss-making steel mills in Brazil and the United States, its chief executive said.

Heinrich Hiesinger had not yet seen the bids and declined to comment on the prices, he told journalists in Duesseldorf on Thursday evening.

The deadline for final bids was expected on Feb, 28, people familiar with the matter had previously told Reuters.

The world’s big steel companies have joined forces in the bidding process. Japan’s JFE Steel has teamed up with U.S. Steel, while ArcelorMittal and Nippon Steel are making a joint bid, sources have said.

Brazil’s Cia Siderugica Nacional (CSN) has also secured financial support from state development bank BNDES for a bid.

ThyssenKrupp heavily wrote down the value of the Steel Americas unit to 3.9 billion euros ($5.1 billion) in December. It had wanted to carve out new markets with two mills in Brazil and the U.S. but they were hit by cost overruns, poor project management and weaker than expected demand.

Hiesinger said the group hoped a deal could be completed by the end of September, the end of Thyssen’s fiscal year.

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