Usiminas, as the steelmaker is known, will pay for the deal partly in cash now and the remainder in 36 installments starting in January, it said today in a regulatory filing. Ouro Negro owns about 200 million tons of iron ore, Usiminas said.
The steel producer, based in Belo Horizonte, Brazil, also signed a cooperation agreement with Ferrous Resources do Brasil SA to jointly explore and develop iron-ore reserves at Ferrous’s Santanese mine in Minas Gerais state, according to the filing.
Usiminas shares rose 55 centavos, or 5.2 percent, to 11.15 reais as of 11:57 a.m. in Sao Paulo trading and have declined about 42 percent this year, compared with a 19 percent decline for Brazil’s benchmark Bovespa Index.
Separately, the Techint Group, an Italian-Argentine industrial holding company, announced yesterday the acquisition of a 27.7 percent stake in Usiminas for 5.03 billion reais ($2.7 billion.)
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