ThyssenKrupp Wants More For Mills
German steelmaker ThyssenKrupp wants to sell its new mills in Alabama and Brazil, which are losing money, but — hoping to recoup its initial investment — it has rejected all eight bids it received this fall, Bloomberg Businessweek is reporting.
With new bids due in late November, the pool of bidders is shrinking, Reuters reports.
As of June, ThyssenKrupp has lost 778 million euros in nine months at the two American sites, with fears the loss could reach 1 billion euros.
One possible silver lining: in mid-November, Alabama officials announced the steel exports were up 84 percent from last year.