Brazilian flats steelmaker Usiminas, Nippon Steel and Unigal have jointly agreed to update a service deal the three companies have, under which Unigal gets compensated by Usiminas and Nippon Steel for HDG services, Usiminas said on Friday.
Usiminas said Unigal will now get paid based on a fix price per metric ton sold to Usiminas. Currently, Unigal gets compensated through a formula that considers a proportion of the HDG sold by Usiminas.
Unigal is a joint venture between Usiminas and Nippon Steel.