Brazilian flats steelmaker Usiminas said on Monday that reports about the possible sale of mining company Mineração Usiminas, also known as MUSA, are “speculative.”
A spokesperson for the company did not confirm or deny the suggested asset sale on Monday.
Usiminas is a 70 percent shareholder at the iron ore producer. Sumitomo Corporation owns the remaining 30 percent stake. The rumors arose late last week as MUSA’s iron ore reserves are said to be ending.
“MUSA’s administration council keeps constant evaluations related to its mineral reserves, and there’s no forecast for a decision in the short term,” the company told SteelOrbis in an emailed response.
Usiminas said it is developing a project for filtering and stocking iron ore, in which it will invest BRL 140 million, as reported by SteelOrbis. MUSA has a 12 million mt/year iron ore capacity, which includes granulated, sinter feed and concentrated iron ore.