Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas) announced Monday its intention to sell up to 14.3 percent of its stake in Ternium SA in order to increase cash reserves.
Ternium and its controlling shareholder Techint Group have agreed to re-purchase the shares of Ternium worth $250 million concurrent with the public offering planned for the second week of February.