Brazil’s Giant Corruption Probe Ensnares U.S. Steel Venture
Pittsburgh-based steelmaker says it is reviewing the matter
U.S. Steel obtained 50% interest in Apolo via 2007 acquisition
Peter Millard and Sonja Elmquist
Ripples from Brazil’s giant graft probe are reaching Pittsburgh, where U.S. Steel Corp. is looking into accusations that one of its local ventures paid bribes.
Police and prosecutors are investigating pipe supplier Apolo Tubulars SA, owned 50 percent by U.S. Steel, as well as Luxembourg-based Tenaris SA’s Confab unit, for suspected involvement in a scheme to win contracts at state-controlled oil company Petrobras, officials said Tuesday.