Nippon Steel and Ternium/Tenaris increase stakes in Usiminas

Ternium, the second-largest steelmaker in Latin America, and Tenaris, the world's biggest seamless pipemaker, have entered into a share purchase agreement with Camargo Corrêa, Votorantim Group and Usiminas employees' pension fund Caixa dos Empregados Usiminas (CEU) to acquire 27.7 percent of voting shares in Brazil-headquartered steelmaker Usinas Siderurgicas de Minas Gerais SA, (Usiminas). The companies will pay R$36 ($19) per share.
 
On the other hand, Japanese steelmaker Nippon Steel has announced that it will increase its shareholding in Usiminas, buying 8,527,440 ordinary shares or approximately 1.69 percent from CEU.
 
Following these transactions, Nippon Group will hold 46.1 percent, Ternium/Tenaris Group will hold 43.3 percent and CEU will hold 10.6 percent, representing the majority of Usiminas' voting rights.
 
The transactions of these share purchase agreements are expected to be completed in mid-January.