The Brazilian steel and iron ore producer Companhia Siderurgica Nacional (CSN) CEO Benjamin Steinbruch has stated that his company will not submit an offer in a bid to acquire US-based steelmaker US Steel, according to Reuters.
“It is too big of a target,” Steinbruch told Reuters, adding that they still are interested in expanding their presence to the North American market but focusing on smaller acquisition targets.
As SteelOrbis reported previously, CSN unveiled the possibility of building a greenfield plant to produce long products in the US back in 2022.
The Brazilian company reported a net profit of BRL 283 million ($58 million) for the second quarter of this year, compared to a net loss of BRL 823 million recorded in the previous quarter.