Ternium S.A. announced that its subsidiary, Ternium Investments, has signed a share purchase agreement to acquire Nippon Steel Corporation and Mitsubishi Corporation’s remaining stakes in the control group of Usinas Siderurgicas de Minas Gerais S.A. (Usiminas). The purchase price is set at USD 2.06 per ordinary share, in line with the option terms defined in the new Usiminas shareholders’ agreement signed on July 3, 2023.
The deal, valued at approximately USD 315.2 mln in cash for 153.1 mln ordinary shares, will increase Ternium’s participation in Usiminas’ control group from 51.5pct to 83.1pct. The transaction will be financed with cash on hand and remains subject to approval by Brazil’s antitrust authorities.
Following completion, the T/T group, comprising Ternium Investments, its subsidiary Ternium Argentina, and Confab (a subsidiary of Tenaris S.A.), will hold 92.9pct of Usiminas’ control group. Previdencia Usiminas, the employees’ pension fund, will retain the remaining 7.1pct.
Ternium said the additional investment reinforces its long-term commitment to Usiminas and the Brazilian steel market. The company aims to enhance Usiminas’ competitiveness and value for all stakeholders.
Ternium is a leading steel producer in the Americas with an annual crude steel capacity of approximately 15.4 mln tons, manufacturing a broad range of flat and long steel products.
