NEW YORK ThyssenKrupp AG
has opened up its Steel Americas business for due diligence
from bidders interested in submitting binding offers for its
assets, the steel producer said.
"The process is proceeding to
plan. In the first phase, various interested parties received
information and carried out plant tours," the Essen,
Germany-based company said in a statement dated Nov. 15. "In
the second phase, which has now started, a selection of
interested parties will be given the opportunity to conduct due
diligence and submit binding purchase bids."
The company said in May that it
was seeking a partnership or sale for its Steel Americas
businesses in Brazil and Alabama (
amm.com, May 15). Since then, a number of
companies have said they have taken a look at the Calvert,
Ala.-based facility, although market players have said that the
company is seeking too high a price tag.
ThyssenKrupp has that said it is
seeking to recoup the book value of its investment, or about
$8.86 billion (
amm.com, Aug. 28).
ThyssenKrupp said it
couldnt provide any more details, citing the "complexity
of the process and the different interests of the various
The company is set to report
earnings for its full fiscal year in December. For the nine
months ended June 30, the companys Steel Americas
division reported net sales of 1.59 billion ($1.96
billion), but still recorded a loss $781 million (
amm.com, Aug. 10).