Nippon Steel plans to buy stake in Usiminas

Japanese steelmaker Nippon Steel Corporation (NSC) has announced plans to buy a 1.7 percent stake in Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas) by the end of the year. Through this latest investment, NSC intends to boost its supply capacity for Japanese automakers operating in South America. The details of the deal, such as the price and conditions, have yet to be decided. Nippon Steel owns a 14.4 percent stake in Nippon Usiminas, which has a 19.4 percent stake in the Brazilian steelmaker.