Ternium announced that its subsidiary, Ternium Investments, will buy from Nippon Steel and Mitsubishi Corporation their remaining shareholding participations in the group that controls the Brazilian steel and iron ore producer Usiminas.
Ternium will pay the equivalent to $315.2 million for the 153.1 million shares involved, increasing its participation in the control group from 51.5 to 83.1 percent.
After the conclusion of the operation, which depends on the approval of the competition authorities in Brazil, Ternium investments, its subsidiary Ternium Argentina and Confab, subsidiary of Tenaris, will achieve a total participation of 92.9 percent in the control group, while the pension fund of the workers of Usiminas will hold the remaining 7.1 percent.
The acquisition will be made with Ternium’s own resources.