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
A version of this article
was first published by AMM sister publication Steel