Tenaris group to acquire share in major Brazilian steel producer, via local subsidiary
Tenaris S.A., the parent company of Italian gas cylinder manufacturer TernarisDalmine, has announced that its Brazilian subsidiary has bought into a leading Brazilian steel producer.
The Tenaris subsidiary, Confab Industrial S.A. (Confab), completed an acquisition of 25 million ordinary shares of Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas).
Usiminas is a leading Brazilian producer of high quality, flat steel products used in the energy, automotive and other industries, while Confab is a leading Brazilian producer of welded steel pipes and industrial equipment for the energy industry and other applications.
The price to be paid for each ordinary Usiminas share is BRL36, representing a total cost to Confab of approximately $500m, says a Tenaris news release.
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