Advisers to Corus Group, the Anglo-Dutch steel company, and Companhia Siderúrgica Nacional (CSN), the Brazilian operator it was set to merge with, were dealt a blow when the $2.2bn (€2.2bn) bid collapsed.

The all-share deal fell apart after Corus's business prospects had deteriorated dramatically, and currency fluctuations and uncertainties over a new government in Brazil had hit CSN.