SÃO PAULO Brazilian steel and iron ore producer Cia. Siderúrgica Nacional (CSN) has confirmed that it has been negotiating "the terms and conditions" applying to a "potential" acquisition of ThyssenKrupp AGs Steel Americas operations.
Negotiations are for the "possible acquisition" of the German steelmakers assets in both the United States and Brazil, CSN said in a market filing to Brazilian securities regulator CVM late May 17.
"As part of this process, there are continuing negotiations on the terms and conditions that would apply to the potential transaction, which have not been completed yet," the Brazilian company said.
It reasserted, however, that it has not yet made any binding bid for the assets.
CSN in January and April had denied the existence of any binding agreement.
ThyssenKrupp Steel Americas comprises CSAs Cia. Siderúrgica do Atlântico 5-million-tonne-per-year slab plant in Rio de Janeiro and its flat steel rolling mills in Alabama.
The German company recently disclosed that it was in "intense negotiations for Steel Americas," including talks with Vale SA, Brazilian development bank BNDES and Brazilian government circles.
Vale owns 26.87 percent of CSA, with ThyssenKrupp holding the majority 73.13-percent stake in the plant.
A version of this article was first published by AMM sister publication Steel First.