Brazilian steel group CSN is expected to make a rival takeover bid for Anglo-Dutch steel company Corus against
Tata Steel's offer to acquire Corus for Euro 4.3 billion ($8.1 billion) to create the world's fifth largest steel business.
Earlier, on Friday Corus board had formally accepted
Tata Steel's offer to acquire the company for Euro 4.3 billion and is awating its shareholders approval to go ahead with the transaction.
CSN has reportedly appointed investment bank Lazards to advise it on launching a counter offer.
Meanwhile, German steelmaker ThyssenKrupp made it clear that it is not interested in beating Tata's bid.