Ternium and Tenaris, two Luxembourg-based steel manufacturers owned by the Techint Group, have jointly agreed to purchase a 27.7 percent voting stake in Brazilian steelmaker Usinas Siderurgicas de Minas Gerais (Usiminas) for $2.7 billion, according to a Ternium press release.
The stake is being acquired from a three-party consortium made up of Camargo Correa, Grupo Votorantim, and Usiminas’s employee pension fund, according to the Ternium announcement.
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