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Sunday, Dec 12:35 AMThyssenKrupp expects antitrust investigation into sale of mill
Sunday, Dec 12:35 AM| Comment!
- ThyssenKrupp (TYEKY, TYEKF) CEO Heinrich Hiesinger expects U.S. antitrust authorities to scrutinize his company's $1.55B sale of its troubled steel mill in Alabama to ArcelorMittal (MT) and Nippon Steel & Sumitomo Metal (NSSMY).
- "Considering the already dominant market position of ArcelorMittal in the U.S. (auto steel) market, it is likely that authorities will take their time to look into this transaction," Hiesinger said.
- ArcelorMittal doesn't expect to encounter problems getting the deal approved even though the company controls almost 40% of the market for North American auto steel.
Tuesday, Nov 195:28 PMThyssenKrupp in exclusive negotiations to sell Alabama steel plant
Tuesday, Nov 195:28 PM| Comment!
- ThyssenKrupp (TYEKY) said it is in exclusive negotiations on the sale of its Alabama steel plant. ArcelorMittal's (MT +0.6%) CFO recently expressed interest in the operation.
- The German steelmaker has been shopping the plant, as well as its Brazilian mills, for over a year and a half - they have hurt its bottom line and sapped capital for years.