JFE Steel to acquire stake in CVRD's ferro-silicon unit

JFE Steel to acquire stake in CVRD’s ferro-silicon unit

JFE Steel Corporation, Japan's second- biggest steelmaker, announced that it would acquire Brazilian mining giant Companhia Vale do Rio Doce's (CVRD) stake in a ferro-silicon supplier. JFE Steel will acquire CVRD's 49 percent stake in Nova Era Silicon S/A, the JFE sources reported. JFE and Mitsubishi Corp., Japan's biggest trading company, each own 25.5 percent of the ferro-silicon supplier. Through this takeover, JFE's stake in Nova Era Silicon S/A will increase to 74.5 percent.