Ternium Argentina S.A. (BASE:TXAR, Ternium Investments S.à R.L. and Confab Industrial S.A. completed the acquisition of 9.771544% stake in Usinas Siderúrgicas de Minas Gerais S.A. from Mitsubishi Corporation, Nippon Steel Corporation and Metal One Corporation.
July 02, 2023
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Ternium Argentina S.A. (BASE:TXAR, Ternium Investments S.à R.L. and Confab Industrial S.A. agreed to acquire a 9.771544% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Mitsubishi Corporation (TSE:8058), Nippon Steel Corporation (TSE:5401) and Metal One Corporation for approximately BRL 580 million on March 30, 2023. The transaction is subject to approval by Brazil's antitrust authorities and will be financed with cash on hand. Diego Parise and Juan Ignacio Soma of Mitrani, Caballero & Ruiz Moreno acted as legal advisor to Ternium Group. João Marcelo Gonçalves Pacheco of Pinheiro Neto Advogados acted as legal advisor to Nippon Steel Corporation. As of July 3, 2023. Tenaris paid approximately BRL 110 million in cash for 11.0 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.
Ternium Argentina S.A. (BASE:TXAR, Ternium Investments S.à R.L. and Confab Industrial S.A. completed the acquisition of 9.771544% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Mitsubishi Corporation (TSE:8058), Nippon Steel Corporation (TSE:5401) and Metal One Corporation for approximately BRL 580 million on July 3, 2023.
Mitsubishi Corporation is a diversified group organized around 10 sectors of activity:
- manufacturing of food and consumer products (29.9% of net sales);
- production of chemicals and petroleum products (19.9%): crude oil, refined products, natural gas, synthetic fiber materials, petrochemicals, fertilizers and specialty chemicals ;
- production and processing of metals (12.6%): iron, steel products and non-ferrous metals;
- mineral resources exploitation (16.5%);
- exploration and production of natural gas (6.7%);
- car manufacturing (5.3%);
- production, transmission and distribution of electricity (5.3%);
- construction of energy infrastructure and industrial facilities (3.3%). The group also sells construction machinery, machine tools, agricultural machinery, elevators, escalators, facility management, ships and aviation equipment;
- development of real estate assets (0.4%);
- other (0.1%).
Net sales break down geographically as follows: Japan (51.8%), the United States (15.5%), Singapore (7%), Australia (6.2%) and other (19.5%).
Ternium Argentina S.A. (BASE: TXAR, Ternium Investments S.À R.L. and Confab Industrial S.A. completed the acquisition of 9.771544% stake in Usinas Siderúrgicas de Minas Gerais S.A. from Mitsubishi Corporation, Nippon Steel Corporation and Metal One Corporation.