ArcelorMittal Interested in ThyssenKrupp's Alabama Mill
01/09/2013 - ArcelorMittal has submitted a bid to ThyssenKrupp AG that reflects its interest in purchasing the German steelmaker's steel plant in Calvert, Ala., according to the company's CFO, Dow Jones Newswires reports.
ArcelorMittal has submitted a bid to ThyssenKrupp AG that reflects its interest in purchasing the German steelmaker's steel plant in Calvert, Ala., according to the company's chief financial officer.
Aditya Mittal told analysts on a call Wednesday that the Alabama steel plant is "clearly a world class asset in terms of quality and capability" and noted that ArcelorMittal has identified synergies that would make its bid attractive.
If the bid were to be successful, it would further strengthen ArcelorMittal's presence in the U.S. automotive sector and at the same time stem losses at the German steelmaker which suffered huge cost overruns and massive losses during the ramp-up of its Alabama steel plant and Brazil steel plant, both of which are now up for sale.
Mr. Mittal declined to comment specifically on whether the Luxembourg-based steelmaker was bidding for just one or both of ThyssenKrupp's mills but his comments later focused on the Alabama mill and not the Brazil mill, suggesting ArcelorMittal was interested in the former and not the latter...
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