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
Ternium Mexico’s shipments slip but upturn expected
Destocking at service centers and a downturn in steel pricing impacted Ternium’s shipments in Mexico in the first quarter of the year.
Bula tapped as CEO of Finland’s Blastr
Bula tapped as CEO of Finland's Blastr
USW claims Nippon prioritizing Japanese ops in US tin mill trade case
The United Steelworkers (USW) union is calling out Nippon Steel for already prioritizing its Japanese operations at the expense of American workers despite forging ahead with its proposed plan to purchase U.S. Steel.
Japan’s Kishida and Biden to meet amid tensions around USS sale
Japanese Prime Minister Fumio Kishida will be in Washington this week where one topic under discussion with President Biden will be U.S. Steel's proposed sale to Nippon Steel.
CRU: SSAB to switch to CO2-free EAF steelmaking at Lulea works
Directors of Swedish steelmaker SSAB have decided to replace blast furnace-based steelmaking at Lulea with a ‘green steel’ mini-mill process.