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 investors."
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).