-(1)-Reinhausen-(1).jpg?lang=en-US&ext=.jpg)
Veolia.gif?width=200&height=200&mediaprotectionhash=4deca34a0d5a00013b5a0ccdc2dcf98fd2c17aabb57eb7bbb27200552f29c247&ext=.gif)
JFE Steel to Increase Stake in Brazil’s Nacional Minérios S.A.
06/30/2011 - JFE Steel will acquire an additional 1,674,499,584 shares, or 6.45%, in Brazil Japan Iron Ore Corp. from Nippon Steel Corp.
JFE Steel Corp. announced plans to acquire an additional 1,674,499,584 shares, or 6.45%, in Brazil Japan Iron Ore Corp. from Nippon Steel Corp.
The purchase will effectively raise JFE’s holdings in the Brazilian iron ore producer and distributor Nacional Minérios S.A. (NAMISA) from 6.48% to 8.64%. JFE Steel’s share of Brazil Japan Iron Ore will rise to 25.78%.
JFE Steel obtained its current stake in NAMISA when a consortium formed by Brazil Japan Iron Ore — comprising JFE Steel, Nippon Steel, other Japanese steel producers as well as Itochu Corp. and additional companies — and South Korean steelmaker Posco acquired a combined 40% share of NAMISA in December 2008.
Going forward, JFE Steel expects to make additional equity investments in competitive mines to secure stable, long-term supplies of iron ore in response to the soaring global demand for this resource.
Established in November 2006, Nacional Minérios S.A. (NAMISA) is located in Minas Gerais, Brazil. In 2010, the company reported iron ore sales of 16.9 million tonnes, net sales of R$2,937 million (approximately US$1,669 million, JPY146.5 billion) and net income of R$1,955 million (approximately US$1,111 million, JPY97.5 billion).
