ThyssenKrupp To Sell US Steel Plant To ArcelorMittal and Nippon Steel for $1.55B

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ThyssenKrupp, “Germany’s largest steelmaker, whose empire stretches from shipyards to elevators, said late on Friday it would sell its U.S. steel finishing plant in Calvert, Alabama, to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp for $1.55 billion,” reports Reuters.

“It also said it would increase its capital by as much as 10 percent in a sale of new shares, which could raise close to 1 billion euros at the current price, to bolster its balance sheet and help reduce a crippling debt burden.”

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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week. Chinese ferro-moly prices held steady from the previous week.

The price of Chinese primary nickel fell 1.5 percent over the past week. This was the third week in a row of declining prices. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat. Prices for Chinese 316 stainless steel scrap remained constant. The price of Chinese 304 stainless coil did not change since the previous week. The week finished with no movement for Chinese 316 stainless coil.

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Korean 430 stainless steel coil remained unchanged for the week. Korean 304 stainless coil traded sideways last week.

At $13,335 per metric ton, the nickel 3-month price finished the week down 1.2 percent on the LME. Closing out the third week of declining prices, the spot price of nickel dropped by 1.2 percent on the LME, finishing at $13,260 per metric ton. For the third week in a row, the cash price of primary Indian nickel dropped.

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