Nippon Steel Board Approves Techint's Purchase Of Shares In Usiminas

The board of directors of Japan's Nissan Steel Corp. (5401.TO, NISTY) has given its approval to the purchase of shares in its Brazilian affiliate, Usinas Siderurgicas de Minas Gerais SA (USIM5.BR, USZNY) by Argentine-Italian group Techint, according to Usiminas.

Nippon Steel group, the largest single shareholder in Usiminas, has "obtained all requisite corporate approvals" for the transaction announced on Nov. 27, said Ternium SA (TX), one of Techint's units, in a statement.

On that day, Techint companies including Ternium, Tenaris SA (TS) and TenarisConfab agreed to buy a 28% stake in Usiminas for about $2.7 billion. The shares will mostly be bought from two existing shareholders, Camargo Correa and Votorantim, which have said they want to focus on other businesses.

Usiminas, as the Brazilian steelmaker is known, said a final agreement for the transaction should be wrapped up in mid-January, as previously announced.

As part of the transaction, Nippon Steel plans to increase its stake in Usiminas, buying a further 8.5 million ordinary shares from the Usiminas employees' union, Caixa dos Empregados Usiminas.

-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com

Usinas Siderurgicas De M... (PK) (USOTC:USNZY)
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