ThyssenKrupp Plans to Sell US Plant for $1.97B; Primary Indian Nickel Up

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Well this is quite the deal… “ThyssenKrupp will sell its U.S. steel plant to a consortium of ArcelorMittal and Nippon Steel & Sumitomo Metal in a deal worth 200 billion yen ($1.97 billion), Japan’s Nikkei newspaper reported in its online edition on Tuesday, without citing sources,” reports Reuters.

“It added that the two buyers would split the purchase cost evenly and would announce details in early December.”

“Three people familiar with the matter told Reuters last week that Germany’s ThyssenKrupp was in exclusive talks to sell the plant to ArcelorMittal and Nippon Steel, the world’s two biggest steelmakers.”

“One of the sources said at the time the bidders were likely to pay $1.5 billion.”

On Tuesday, November 26, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 1.1 percent increase. This increase comes after the price fell for the two previous days. On the LME, the nickel spot price rose 0.3 percent to $13,470 per metric ton. On the LME, the 3-month price of nickel inched up 0.3 percent to $13,540 per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel closed mixed on Tuesday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. For the fifth consecutive day, the price of Chinese ferro-moly held flat.

Following a 0.1 percent rise yesterday, the price of Chinese primary nickel closed. The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil continues to hover for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw little movement. The price of Chinese 304 stainless steel scrap held steady.