CVRD considers selling 23% stake in Usiminas

CVRD considers selling 23% stake in Usiminas

According to recent market news, Brazilian mining giant Companhia Vale do Rio Doce (CVRD) is planning to sell its 23% stake in Brazilian steel producer Usinas Siderurgicas de Minas Gerais SA (Usiminas). The shares are stated to be worth Real 929 million ($324 million). It is reported that no bids for the stake have been received by CVRD. Japanese steel producer Nippon Steel Corp (NSC) also holds an 18% stake in the company. However it is not clear yet whether NSC will make a bid for CVRD's stake in Usmininas. As previously reported by SteelOrbis, CVRD sold its stakes in Companhia Siderurgica de Tubarao (CST) to Arcelor for $578.5 million.