Ternium informed that its subsidiary Ternium Investments has entered a share purchase agreement to acquire Nippon Steel and Mitsubishi Corporation's remaining stakes in the controlling group of the Brazilian steel and iron ore producer Usiminas.
Ternium will pay $315.2 million for the shares, increasing its stake in the Usiminas controlling group from 51.5 to 83.1 percent, subject to the usual approval by Brazilian antitrust authorities.
After the closure of the deal, Ternium and its subsidiaries will hold 92.9 percent of the controlling group, while Previdência Usiminas, the pension fund for the Usiminas employees, will continue to hold the remaining 7.1 percent.