Brazilian mining company Steel do Brasil has agreed to buy majority stakes in two rival Brazilian mining companies for $435 million.
Sao Paulo-based Steel do Brasil, controlled by Germany's Metropolis Capital, Sunday announced in a regulatory filing that it would buy 70 percent of Mhag Servicos de Mineracao for $235 million in addition to 80 percent of Mineracao Minas Bahia's iron ore Jiboia assets for $190 million. The companies will create a joint venture in which Steel do Brasil will own 50 percent.
According to the filing, both acquisitions should be concluded within the next 60 days.