Rio de Janeiro, Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais (Usiminas) completed the sale of a 30 percent stake in its Mineracao Usiminas SA (MUSA) unit to Sumitomo Corporation on Tuesday for $1.26 billion. According to Usiminas, Sumitomo also paid MUSA an additional $674 million as "back-up" in case a need arises in the future.
Usiminas announced Wednesday that the company will gain approximately R$890 million (US$529.7 million) from the sale.