• 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

G20: It’s nessacery to build a gloabl forum to sol...
Finance and economy
26 Jul 2016 11:43
Hyundai Steel’s net income falls in Q2...
Finance and economy
26 Jul 2016 08:54
Posco’s sales revenue fall in Q2 y-o-y...
Finance and economy
25 Jul 2016 10:17
Eramet to get €2 million loan to maintain its SLN ...
Finance and economy
14 Jul 2016 10:53
Tata Steel to complete sale of long products in Eu...
Finance and economy
01 Jul 2016 10:32
Most Popular