US steelmaker Wheeling-Pittsburgh Corp. confirmed Friday it is in talks with Brazilian steel giant Companhia Siderurgica Nacional (CSN) for CSN to possibly buy a stake in the company.
The companies have stated that they "are in discussions concerning a strategic alliance in
North America that could involve a minority investment in Wheeling-Pittsburgh Corp, a long term
slab supply arrangement and other strategic considerations."
Wheeling-Pittsburgh told press that the relationship would be beneficial to each company as Wheeling-Pitt needs more slabs than it can manufacture and CSN has excess
slab-producing capacity.
Wheeling-Pitt also produces products that CSN needs for its US plant in Terre Haute, Indiana.
Neither company has specified a timeline for the sale.