• Steel Market Insider

    We strive to let you one step ahead of the market

Steel News
Advanced search
    Key words
  • Search By
  • Date
  • Classification
  • Region
Advanced search

Sumitomo to purchase 30% stake in Usiminas

  • A
  • A
  • A
Japanese Sumitomo Corp said that it will spend US$1.93 billion to buy a 30 percent stake in an iron ore mine from Brazilian steelmaker Usiminas.

This move will help Sumitomo’s to access iron ore by 10 times to 10 million a year. Sumitomo will set up a joint venture with Usiminas which will take 70 percent of stake.

The mine has reserves of an estimated 2.4 billion tons and its output will be last for 30~ 40 years. Currently the expected annual output is 7 million tons and will rise up to 30 million tons in years.
News Date 01 Jul 2010 14:40:08 reported by Judy Lin

China’s Angang profit up in 2014...
Finance and economy
01 Apr 2015 13:30
Iran welcomes investment from India, Kazakhstan...
Finance and economy
31 Mar 2015 18:51
Mexico's steel industry to reduce investment ...
Finance and economy
31 Mar 2015 09:32
NLMK sees 2014 sales drop ...
Finance and economy
30 Mar 2015 14:34
Taiwan's Yieh Phui 2014 net profit jumps by 60% ...
Finance and economy
30 Mar 2015 13:48
Most Popular