CSN Pulls Out Of US Deal

Brazilian steelmaker Companhia Siderúrgica Nacional has terminated a merger agreement with US steel company Wheeling-Pittsburgh, CSN announced Friday. The two companies had agreed to a merger at the end of October but the move was strongly resisted by shareholders and metalworkers’ unions of the US company who favored a bid by Chicago-based firm Esmark. The announcement by CSN and Wheeling-Pittsburg had been widely expected by the industry. CSN is currently in a bidding war with Indian steelmaker Tata to win control of Ango-Dutch steelmaker Corus, with a sweetened bid worth $9.6 billion.