December 16, 2010
Usiminas reiterated its intention to sell its 14.25% stake in Ternium at an
Usiminas reiterated its intention to sell its 14.25% stake in Ternium at an investor presentation last week. The Brazilian steel giant has owned the stake in the Argentina-based steel company since 2005. According to Barclays, the stake could be valued at around $1bn. Usiminas said the stake is financial, rather than strategic, investment, and would coordinate any sale with the majority shareholder, Techint. The company first announced its intention to sell the holding in May.