ThyssenKrupp closes in on sale of Calvert

Nov 19, 2013 | 06:05 PM | Catherine Ngai

Tags  steel, ThyssenKrupp, ArcelorMittal, Nippon, Lazaro Cardenas, Tubarao, steel slab, Calvert Catherine Ngai

NEW YORK — ThyssenKrupp AG is in exclusive negotiations with a potential buyer for the Calvert, Ala., assets of its Steel Americas operations, including a long-term slab supply contract, the company said Nov. 19.

"Whether the transaction will be brought to a successful conclusion is still open at present," the company said.

ArcelorMittal SA and Nippon Steel & Sumitomo Metal Corp. are said to be close to reaching a deal for the rolling mill, although the duo likely won’t operate the facility until the second half of 2014, according to sources familiar with the matter.

The deal is expected to be announced by the end of November if negotiations move according to plan, sources said, although rumors continue to circulate in the marketplace that ThyssenKrupp may announce something as soon as its quarterly earnings conference call Nov. 21. The company has postponed releasing its 2012-13 fiscal year results until Dec. 2.....

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