Brazilian flats steelmaker Usiminas said late on Thursday it has amended an existing iron ore supply deal it has with its iron ore subsidiary MUSA.
According to the steelmaker, the company’s board unanimously approved the execution of a binding term sheet, in which it reduces the volume of the commodity Usiminas is obliged to buy from MUSA from 4 million mt to 2.3 million mt per year.
Usiminas also said that ongoing talks with Japanese creditors, mainly banks, as well as with bondholders continues. It expects to finish negotiations by the end of August.
In July this year Usiminas was granted a waiver from banks to carry out an exchange offer for its notes due in 2018; however, it still depends on Japanese creditors and bondholders to successfully obtain the waiver.