Brazilian steelmaker sells 30 percent stake to Japanese conglomorate

Thursday, 01 July 2010 01:49:39 (GMT+2)

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.

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