The intended sale of the steel mill of ThyssenKrupp in Brazil was unlikely to transpire right away, a source familiar with the transaction said. The information came following a newspaper's report that an agreement was not formalized yet.

"The process has gained momentum of late, but it would be a miracle if a decision could be reached within the next couple of days," the source said on terms of anonymity due to the confidentiality of the negotiations.

The German steel manufacturer was trying to get rid of its loss-making Steel Americas enterprise. The enterprise included the Brazilian CSA mill and a plant located in Alabama in the US. ThyssenKrupp would sell its assets so that it could shift its investments to its higher-margin merchandises and services. Some of its products were elevators, submarines and components for manufacturing plants.

"There are still several options on the table and we are not at a stage where we would say we were pressing ahead with one of the options," the source stated.