In a regulatory filing Monday, Belo Horizonte, Brazil-based flat rolled steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas) said that it will acquire Brazilian iron ore producer Mineracao Ouro Negro SA for US$367 million. Mineracao owns approximately 200 million tons of iron ore reserves.
Additionally, Usiminas' subsidiary Mineracao Usiminas SA has completed negotiations for the acquisition of iron ore miner Mineracao J. Mendes Ltda, SOMISA--Siderurgica Oeste de Minas Gerais Ltda and Global Mineracao Ltda with an additional payment of US$100 million. The acquisition agreement previously began in February 2008.
Mineracao Usiminas SA has also signed an agreement with Ferrous Resources do Brasil SA for the companies to jointly explore Ferrous' Santanese mine in Southeast Brazil.