Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ThyssenKrupp Unit Sale Bids Yet to Be Presented to Partner Vale

Don't Miss Out —
Follow us on:

May 9 (Bloomberg) -- ThyssenKrupp AG, Germany’s largest steelmaker, has yet to submit proposals for the sale of a stake in its joint venture with Vale SA to the Brazilian partner, Vale Chief Executive Officer Murilo Ferreira said.

“I haven’t received any complete proposal from any player,” Ferreira, speaking to reporters in Rio de Janeiro today, said of ThyssenKrupp’s talks to sell a stake in the CSA steel plant in the state of Rio. Vale is “not selling or buying anything” of the joint venture, he added.

Cia. Siderurgica Nacional SA, the third-largest Brazilian steelmaker, has emerged as the leading bidder for the CSA stake along with a ThyssenKrupp steel plant in Alabama, people with knowledge of the talks said last week. ThyssenKrupp, which owns 73 percent of CSA, is considering selling part of its stake and keeping a third of the plant, said the people, who asked not to be named because the talks aren’t public.

Vale is seeking to protect its contract rights with CSA, including an agreement to supply iron ore to the plant, Ferreira said.

Vale, ThyssenKrupp and CSN, as the Sao Paulo-based bidder for the stake is known, would seek to raise about $750 million to overhaul the plant, the people familiar with the talks said.

ThyssenKrupp, in an e-mailed response to questions, said it’s in “intense negotiations” for the asset sales and that “these negotiations include talks with our involved partner Vale, Brazilian development bank BNDES and Brazilian government circles.”

A CSN press relations official in Sao Paulo, who asked not to be named citing company policy, couldn’t immediately comment on the talks.

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.