Arcelor to increase its stake in Acesita

Arcelor to increase its stake in Acesita

Luxembourg-based steelmaker Arcelor announced on Friday (October7) that it signed an agreement with two Brazilian pension funds, Fundacao Petrobras de Seguridade Social (Petros) and Caixa de Previdencia dos Funcionarios do Banco do Brasil (Previ), to takeover a further 25 percent stake in Brazilian stainless steelmaker Acesita. Through the takeover, Arcelor's stake in Acestia will increase to 63.9 percent from the current stake of 38.9 percent. The move is part of Arcelor's strategy to consolidate its Brazilian assets into one company, which will be called Arcelor Brazil. The consolidation project includes Belgo Mineiro, Companhia Siderurgica de Tubarao (CST), and Vega do Sul.