On April 16, Brazilian mining giant Companhia Vale do Rio Doce (Vale) announced the sale of its stake in Brazilian integrated steelmaker Usinas Siderúrgicas de Minas Gerais S/A (Usiminas).
Accordingly, Vale concluded the sale of all its 14,869,368 common shares issued by and bound by the current shareholders agreement of Usiminas, corresponding to 5.89 percent of Usiminas common shares and 2.93 percent of its total capital, to a group of current Usiminas shareholders including Camargo Corrêa, Mitsubishi Corporation, Nippon, and Votorantim. The price was Brazilian Reais 40.00 (US$18.4) per Usiminas common share and the transaction totaled Brazilian Reais 594.7 million (US$274 million).
As a consequence, Vale no longer holds any participation in the Usiminas capital, and therefore is no longer part of the controlling group.