ThyssenKrupp Close To US Plant Sale, Settled Cartel Lawsuit

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It looks as though ThyssenKrupp is “nearing a long-awaited sale of its U.S. steel plant and has reached an agreement to settle a cartel lawsuit, clearing the way for it to raise much-needed capital,” reports Reuters.

“Shares in Germany’s biggest steelmaker fell 2 percent, however, as it became clear that the deal would not include the company’s lossmaking Brazilian factory.”

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“ThyssenKrupp has been trying for more than a year and a half to find a buyer for SteelAmericas – comprised of the U.S. plant and the steel mill in Brazil – which has drained cash from the company for the past few years.”

“ThyssenKrupp said late on Tuesday it was pushing back the publication of its annual financial results to Dec. 2 from Nov. 21 as the U.S. sale talks had entered the home stretch.”

On Tuesday, November 19, the day’s biggest mover was the Indian nickel cash price, which saw a 3.5 percent decline. On the LME, the nickel 3-month price rose 0.1 percent to $13,750 per metric ton. The nickel spot price held steady on Tuesday on the LME, remaining around $13,680 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly was unchanged.

The price of Chinese 316 stainless coil saw little movement. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat. The price of Chinese primary nickel saw little change in its price on Tuesday.