The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Brazilian steelmaker Usiminas Siderurgicas de Minas Gerais SA, a Brazilian steel producer, is in the process of offloading its manufacturing unit. Usiminas has already hired Credit Suisse SA as its financial advisor for the unit sale. The sluggish global economy and China's economy slowdown are impacting the Brazilian steel industry in more negative way.
According to a source, the sale of ThyssenKrupp's Brazilian steel mill was not imminent.
Sinosteel was in talks with Nigerian ministers for about US$6 million worth investment in Nigerian steel mill.
Aperam has teamed up with two steel makers to purchase the plant owned by Outokumpu, which has been aiming to get regulatory approval for purchasing a steel business in 2012.
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