ThyssenKrupp may postpone the sale of Brazilian CSA

And Companhia Siderúrgica Nacional, Techint. The Companhia Siderúrgica do Atlântico (CSA) can continue this year under the administration of the German ThyssenKrupp, comment sources that accompanied part of the negotiation process of the manufacturer of steel plates installed in the West zone of Rio de Janeiro. The direction of Thyssen entered the last day 11:0 pm quiet period, for legal reasons, that extends until May 14. The next day, the company presents, in Germany, the results of the period between October 2012 and March this year.
The data should show that the CSA-closed capital in Brazil-still has not become a profitable asset for the group, but at least consolidated its loss-making zone output. Project performance forced, in 2012, the ThyssenKrupp to launch as 3.6 billion writedown in its balance sheet concerning the steel Division's operations in Brazil and in Alabama. With this, the value of Steel Americas, as the group is called the two power plants, went on to be counted on 3.9 billion.
Vale also accounted for the loss of value in the balance sheet. The low was $ 583 million for its share of 26.87% in CSA. Did not include the long-term contract with the steel company to supply ore with exclusivity. Contract which does not intend to give up.
The Board of Directors of Thyssen, since April 1 chaired by Ulrich Lehner, shall, at a meeting scheduled for may, also the evaluation of the steel group on the proposed purchase of the CSA. The exact values presented by Brazilian CSN and Techint argentina have not been formally announced, but rumors is that both were well below the German group's claims.
It is speculated that the offer submitted by Benjamin Steinbruch, CSN, was below the $ 3.8 billion that were bandied about by the market, in a negotiation that would involve also the unit of Alabama, in the United States, built to laminate the cards produced at the plant in Rio de Janeiro.
The offers by the CSA and the American unit would have been far short of the value of the two active-estimates that the current value of the two units is almost $ 5 billion. For this reason, despite the high indebtedness of the group, the shareholders can give up, for now, the completion of the deal.
Withdrawal. In Argentina, the CEO of flat steel maker Ternium (controlled by the Italian-Argentine Techint Group), Daniel Novegil, revealed yesterday that the group is no longer interested in buying the CSA. "The Ternium is no longer participating in the sale process of the CSA, due to the difference in the perception of value and because of the situation of the industry," Novegil said during the investor conference call. Not to mention details about numbers, Novegil just informed of the acquisition. /COLLABORATED MARINA GUIMARÃES