South Korean newspaper Money Today reported Thursday that South Korean steelmaking giant POSCO submitted a letter of intent to acquire German steelmaker ThyssenKrupp's mills in the Americas. The assets include a slab-making facility in Brazil as well as a flat rolled steel mill in Calvert, Alabama. The newspaper also said that Credit Suisse Group AG was hired as an advisor for the possible deal.
In May, ThyssenKrupp said it was examining all options for the facilities, including a possible sale, following numerous quarterly losses in its Americas division.