Arcelor aims to have controlling stake in Acesita

Arcelor aims to have controlling stake in Acesita

Luxembourg-based steelmaker Arcelor announced Friday that it submitted a proposal to buy an additional 25 percent stake in Brazil's Acesita, apart from its current 38.9 percent stake in the stainless steel producer. The acquisition of the shares will give Arcelor 63.9 percent control of Acesita. Arcelor offered to spend Reais 42.28 ($18.9) per share or a total of Reais 260 million ($116.5 million) for the stake owned by Previ and Petros in Acesita. The move is part of Arcelor's strategy to consolidate its Brazilian assets into one company, to be called Arcelor Brazil. The consolidation project includes Belgo Mineiro, Companhia Siderurgica de Tubarao (CST), and Vega do Sul.