Skip to content
Subscriber Only

Nippon-Techint Said Sticking It Out Amid Brazil Split Rumors

  • No formal talks currently under way to end 2012 pact: sources
  • Shares have surged about 90% as steel gains help stem losses
Updated on

With its share price almost doubling amid declining losses, Usiminas’s bickering joint controllers have more reason than ever to keep the Brazilian steelmaker together.

While local newspapers including Estadao have reported that Techint Group and Nippon Steel & Sumitomo Metal Corp. are looking to cut ties and divvy up the assets, no formal talks are currently under way to end the partnership, according to people familiar with the companies. And if they were to change their minds, any such split would take as long as two years to complete, the people said, asking not to be identified because the matter is private.