International Steel Mills

Ternium, Tenaris Up Their Stake in Usiminas
Written by Laura Miller
July 6, 2023
Ternium and Tenaris have upped their stake in Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas).
Ternium’s Brazilian subsidiary Confab Industrial S.A., Ternium Investments, and Ternium Argentina, collectively known as the T/T group within the controlling group of Usiminas, closed on a previously announced acquisition of 68.7 million ordinary shares of Usiminas.
The shares were purchased at a price of 10 Brazilian Reais ($2.03) per share from Japan’s Nippon Steel, Mitsubishi, and MetalOne. The total price paid for the increased shares was upwards of $139 million.
Pursuant to the transaction, Tenaris put forward approximately $23 million in cash for 11 million shares, effectively increasing its stake in Usiminas to 9.8%.
Usiminas is based in Belo Horizonte and operates iron ore mines and flat-rolled steelmaking operations throughout Brazil.
Ternium and Tenaris, both headquartered in Luxembourg, are a part of the Techint Group. Ternium is a flat-rolled steelmaker with facilities in Mexico, Brazil, Argentina, Colombia, Central America, and the US. Tenaris produces seamless and welded pipe and tube products with manufacturing facilities in 16 countries.
By Laura Miller, laura@steelmarketupdate.com

Laura Miller
Read more from Laura MillerLatest in International Steel Mills

CRU: Bids made for Ilva assets
The Italian government has received 10 offers for the former Ilva integrated steel works at Taranto, but only two bidders are interested in purchasing all of the company’s assets.

Global steel production declined through August
August marked the second-lowest monthly production rate this year, down 13% from the two-year high of 166.6 million mt in March.

Algoma Steel assesses viability of US sales in wake of 50% S232 tariffs
Canadian flat-rolled steelmaker Algoma Steel is reconsidering its presence in the US market after the doubling of US Section 232 tariffs on imported steel to 50%, a company spokeswoman said.

Nippon plans to double steel output at USS operations: Report
Now that it has acquired U.S. Steel, Nippon Steel is planning a significant expansion of its US operations, including the construction of a new mill and more than doubling its steel output.

Global steel mill output steady through May
Global raw steel production rose 2% from April to May, slightly above average production levels seen in recent months, according to data recently released by the World Steel Association (worldsteel).