Argentinian steelmaker Techint plans to buy a 10 percent stake in Usiminas, according to media reports.
Added to Techint’s existing stake at just over 27 percent, the deal will make the company a major stakeholder in the Brazilian steel producer, which will grant Techint the right of voting at the Usiminas administration council.
Japanese-based Nippon Steel is other major investor in Usiminas, with a 29.45 percent stake in the company.
Usiminas is Latin America’s largest finished flat steel producer.