Share

Steel giants bid for ThyssenKrupp plant

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders