ArcelorMittal CEO: Everybody Analyzing ThyssenKrupp Brazil, US Plant Sale

Date : 07/25/2012 @ 7:36AM
Source : Dow Jones News
Stock : Arcelor Mittal NY Registry Shares New (MT)
Quote : 25.84  -0.26 (-1.00%) @ 10:12AM

ArcelorMittal CEO: Everybody Analyzing ThyssenKrupp Brazil, US Plant Sale

Mittal Steel (NYSE:MT)
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By Alex MacDonald

LONDON--The chief executive of ArcelorMittal (MT), the world's largest steelmaker, said all steelmakers are reviewing ThyssenKrupp AG's (TKA.XE) proposed sale of two steel plants in the Americas.

"Everyone is looking at it, analyzing it, [trying to figure out] where are the synergies and what we should do," Lakshmi Mittal told journalists in a call.

"Whether it is ArcelorMittal or any other steelmaker...I can tell you that everyone is doing the analysis."

Mr. Mittal said that ArcelorMittal has already held talks at its office regarding Thyssen's proposed sale of its steel plant in Mobile, Ala., and its steel plant in the state of Rio de Janeiro, Brazil. He didn't say whether there was an interest in purchasing either of the steel plants.

In mid-May, Germany's ThyssenKrupp said it was considering selling the mills or bringing in partners to sustainably improve performance.

At the time, ThyssenKrupp Chief Executive Heinrich Hiesinger declined to provide a timeframe for a solution, citing the complexity of such transactions. But he said ThyssenKrupp had to act after the operations accumulated losses of around 500 million euros ($624) in the first six months of the company's business year. In fiscal 2011, the losses had amounted to around EUR1 billion.

ThyssenKrupp has given the sale mandate to Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS).

Write to Alex MacDonald at alex.macdonald@dowjones.com

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