Brazilian steelmaker Mineracao Usiminas SA Wednesday announced the sale of a 30 percent stake in the company to Tokyo-based Sumitomo Corp., a Japanese conglomerate with global businesses spanning several industries such as mining, metal products, and transportation. The acquisition will be made through the subscription of new shares, for a total price of up to US$1.93 billion.
Usiminas owns iron ore mines in the southeastern Brazilian state of Minas Gerais and the Itaguai port project in neighboring Rio de Janeiro state.
Additionally, the deal includes a 20 percent voting stake in MRS Logistics, a rail operator in Southeastern Brazil. Vale SA and CSN also fellow stakeholders in the company.