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Usiminas, Sumitomo May Sell Stake in Mining Unit, Valor Reports

Usinas Siderurgicas de Minas Gerais SA and Sumitomo Corp., controllers of the Mineracao Usiminas SA joint venture, may consider reducing their stakes in the miner, Valor Economico said, citing Usiminas CEO Wilson Brumer.

The companies may sell at least 25 percent and Usiminas will retain a controlling stake of at least 50 percent plus one share, the Sao Paulo-based newspaper cited Brumer as saying.

Usiminas sold 30 percent of the unit, which owns iron ore mines and a railroad business, to Sumitomo for $1.93 billion in July.

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