According to sources, Luxembourg-headquartered steel and piping producer Tenaris SA has announced that its Brazilian subsidiary Confab Industrial SA, together with Ternium Investments and Ternium Argentina, has completed the acquisition of 68.7 million shares in Brazilian steel and iron ore producer USIMINAS at a price of BRL 10 per ordinary share.
Pursuant to the transaction, Tenaris paid approximately BRL 110 million ($23 million) in cash for 11 million shares, increasing its stake in the USIMINAS control group to 9.8 percent.