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Reuters: ThyssenKrupp sweetens deal for Alabama plant

  • ThyssenKrupp (TYEKY, TYEKF) agrees to compensate buyers of its Alabama steel plant for any underperformance in the next few years to seal a long-awaited deal to be outlined later today, Reuters reports.
  • The buyers, a consortium of ArcelorMittal (MT) and Nippon Steel, reportedly will pay ~$1.5B for the steel finishing plant.
  • Analysts say it isn't surprising that ThyssenKrupp offered concessions to clinch the sale but they would have to see the details to judge if it was a good deal; in any case, it paves the way for a much-needed capital increase at Thyssen, with several bankers saying they expected such a move as early as Monday evening.
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