Bid Planned for ThyssenKrupp North American Steel

01/29/2013| 09:36pm US/Eastern

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TOKYO--Nippon Steel & Sumitomo Metal Corp. (>> Nippon Steel & Sumitomo Metal Corp) and ArcelorMittal (>> ArcelorMittal) are planning a joint bid to buy ThyssenKrupp AG's steel business in North America in order to ramp up automotive steel sheet production, the Nikkei reported Wednesday.

Among the potential suitors for ThyssenKrupp's plant in Alabama, estimated around 130 billion yen ($1.4 billion), are Brazil's Companhia Siderurgica Nacional and Japan's JFE Steel.

ArcelorMittal and Nippon Steel & Sumitomo Metal, the world biggest and the second biggest steel makers, jointly produce steel sheets for automobiles in the U.S.

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