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.
... to continue reading you must be subscribed
