JBS’s Batista Brothers Expand Into Steel With Usiminas Deal

The billionaire Batista brothers, who control meatpacking giant JBS NV, have expanded into Brazil’s steel industry with the purchase of a minority stake in Usinas Siderurgicas de Minas Gerais SA.

Investment firm Globe Investimentos SA on Thursday acquired a 5% interest in Usiminas, as the steelmaker is known. Wesley and Joesley Batista are the controlling shareholders of Globe, according to a person with direct knowledge of the matter. The brothers’ investment was previously reported by local newspaper Valor Economico.