Reuters, citing Mr LN Mittal chairman & CEO of ArcelorMittal, reported that ArcelorMittal i is not interested in making acquisitions given the oversupply of the global steel market and cautioned that collapsed RG Steel LLC may struggle to find a good buyer for its assets.

He said In a Q&A session following his presentation at Steel Success Strategies conference in New York that “This is not the time to acquire more growth. We are not in an acquisition mode. There is enough overcapacity in the world and there is enough capacity in ArcelorMittal.”

He said “There may be some problems for assets of RG Steel, where investment has not been made. There could be some difficulties to find good buyers.”

Mr Andre Gerdau Johannpeter CEO of Gerdau SA, reflecting a broader industry concern about global oversupply, Gerdau has ruled itself out of buying ThyssenKrupp AG's stake in the CSA steel slab mill outside Rio de Janeiro.

Mr Johannpeter said “While the plant is modern, it is difficult to predict whether many investors would be interested in the plant given the global glut in supply.”

Source - Reuters

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