Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
Japan’s Itochu Corp said on Wednesday that it agreed with Brazil’s steel company Companhia Siderúrgica Nacional (CSN) to buy a 10.74% stake in CSN’s iron ore unit CSN Mineracao (CM) from CSN for about 4.42 billion real ($769 million).
CM is the leading iron ore producer and distributor in Brazil. This is an additional investment as Itochu has indirectly invested 7.15% in CM since 2008, the Japanese trading company said in a statement.
($1 = 5.7508 reais)
(By Yuka Obayashi; Editing by Kim Coghill)
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