Ternium buys remaining shares of Nippon Steel and Mitsubishi in Usiminas

Ternium announced that its subsidiary Ternium Investments has entered into a share purchase agreement to acquire the remaining shares of Nippon Steel and Mitsubishi Corporation in the controlling group of Brazilian steel and iron ore producer Usiminas.

Ternium will pay $315.2 million for the shares, increasing its stake in the Usiminas control group from 51.5% to 83.1%, subject to the usual approval by Brazilian antitrust authorities.

Upon closing of the transaction, Ternium and its subsidiaries will own 92.9% of the controlling group, while Providencia Usiminas, the pension fund for Usiminas employees, will continue to own the remaining 7.1%.