Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, June 26, 2014

Brazil's CSN says looking to bid for OAO Severstal U.S. assets, (NYSE: SID)

Brazilian steelmaker Companhia Siderurgica Nacional said on Thursday it is participating in a bidding process to acquire U.S. assets of Russian steelmaker OAO Severstal. CSN said it is studying the viability of the operations, hoping to make an indicative acquisition proposal.Russia's Severstal said earlier this month the sale of its U.S. business would be an "interesting option" as the steelmaker looks to increase profitability and reduce its debt.

Companhia Siderurgica Nacional (CSN) is a Brazil-based company primarily engaged in the steel industry. Shares of SID fell by 0.69% or $-0.03/share to $4.32. In the past year, the shares have traded as low as $2.38 and as high as $6.29. On average, 4034750 shares of SID exchange hands on a given day and today's volume is recorded at 432041.