Brazil anti-trust authority approves Vale's acquisition of New Steel

Wednesday, 02 January 2019 23:33:04 (GMT+3)   |   Sao Paulo
       

Brazilian anti-trust authority, Cade, approved on Monday without restrictions Vale’s acquisition of innovation company New Steel. Vale agreed to pay $500 million for New Steel, as previously reported by SteelOrbis. Hankoe FIP was New Steel’s main shareholder at the time.

Following Vale’s acquisition of all New Steel’s shares, the Brazilian miner becomes the company’s controlling shareholder.

New Steel Global and subsidiaries New Steel SA and Centro Technologico Solucoes Sustentaveis develop technologies for the processing and the beneficiation of iron ore and its residues, Cade said.


Most Recent Related Articles

Vale wins injunction allowing it to reopen Itabira mine complex

Brazilian audit court rejects proposal to renew Vale's iron ore railway

Vale resumes operations at Malaysian distribution center

Vale to recover 44 million mt capacity by 2021

Vale ordered to pay compensation for Brumadinho-related deaths