Bloomberg reported that Brazil's third largest steelmaker by output Cia Siderurgica Nacional SA fell to the lowest since 2008 after the company said it may consider bidding for a ThyssenKrupp AG steel plant in Rio de Janeiro state.

As per report, CSN dropped by 2.6% to BRL 12.22 at the close in Sao Paulo, the lowest level since December 5th 2008. The stock declined 18% in 2012, more than the 1% fall of the Brazilian Bovespa Index.

Mr Benjamin Steinbruch CEO of CSN told reporters on June 16th 2012 that CSN is waiting for Germany's ThyssenKrupp to disclose further details about its Brazilian plant before considering a bid. The company's potential interest isn't optimal given CSN's high leverage ratios, poor allocation of capital and low returns on the project.

Barclays Plc analysts led by Mr Leonardo Correa in Sao Paulo said in a note to customers said that "We would prefer management to remain focused on delivering its iron ore expansion, which is several years delayed."

Source - Bloomberg

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