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Steel giants bid for ThyssenKrupp plant

Jan 30 2013 12:30
AFP

Tokyo - The world's two biggest steelmakers are planning to bid for a US steel plant operated by Germany's ThyssenKrupp, a Japanese media report said on Wednesday.

ArcelorMittal and Japanese rival Nippon Steel & Sumitomo Metal are in final talks over a joint plan to buy the factory in the state of Alabama, the leading Nikkei business daily said.

ThyssenKrupp's factory is estimated to be worth $1.43bn, the report said, without saying how much the pair would bid.

But ThyssenKrupp has said it would likely lose money on the sale of the state-of-the-art plant, which only came online in 2010.

Nippon Steel, which became the world's second-biggest steelmaker following its merger with Sumitomo last year, declined to comment on the report.

Luxembourg-based ArcelorMittal and the Japanese giant already jointly produce steel for automobiles in the United States, with improving US vehicle demand sparking their interest in boosting production, the Nikkei said.

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