{"id":96557,"date":"2025-11-07T13:01:24","date_gmt":"2025-11-07T16:01:24","guid":{"rendered":"https:\/\/murray.adv.br\/?p=96557"},"modified":"2025-11-07T13:01:24","modified_gmt":"2025-11-07T16:01:24","slug":"ternium-buys-nippon-and-mitsubishis-last-stakes-in-usiminas","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/ternium-buys-nippon-and-mitsubishis-last-stakes-in-usiminas\/","title":{"rendered":"Ternium buys Nippon and Mitsubishi\u2019s last stakes in Usiminas"},"content":{"rendered":"
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Deal marks shift for Japanese steel group amid Brazil\u2019s tightening market and end of strained partnership<\/em><\/h6>\n<\/div>\n<\/div>\n
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11\/06\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Ternium\u2019s<\/strong>\u00a0purchase of the remaining stakes held by\u00a0Nippon Steel<\/strong>\u00a0and\u00a0Mitsubishi<\/strong>\u00a0in\u00a0Usiminas<\/strong>\u00a0consolidates a long-anticipated power shift in Brazil\u2019s steel industry. The deal stems from three converging factors: Nippon\u2019s global strategy to redirect capital toward higher-growth markets such as the United States, India, and Southeast Asia; the adverse dynamics of Brazil\u2019s steel sector, pressured by rising imports, especially from China; and the breakdown of a partnership long marred by conflict and gridlock.<\/p>\n<\/div>\n

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The transaction, valued at $315.2 million, covers 153.1 million common shares and raises Ternium\u2019s stake in Usiminas\u2019 controlling group from 51.5% to 83.1%. Usiminas shares closed Thursday (5) at R$5.55, up 0.73%. The move did not catch the market off guard, as Ternium had already increased its stake in the controlling group in 2023.<\/p>\n<\/div>\n

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The 2018 peace agreement between Ternium and Nippon allowed five years of relative coexistence, but Nippon had been seeking opportunities elsewhere, a strategy underscored by its recent acquisition of U.S. Steel. Analysts had noted that Brazil had become a lower priority, and Nippon\u2019s exit reduces its exposure to a\u00a0challenging market.<\/a><\/p>\n<\/div>\n

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In Brazil,\u00a0steel imports have risen<\/a>\u00a0despite quota and tariff measures. According to Instituto A\u00e7o Brasil, an industry think tank, 5.1 million tonnes of steel entered the country between January and September 2025. The impact has been felt through falling prices, squeezed margins, and operational cutbacks, such as the shutdown of blast furnaces. Usiminas announced that it would reduce its 2025 investments to a range between R$1.2 billion and R$1.4 billion, down from a previous projection of R$1.4 billion to R$1.6 billion.<\/p>\n<\/div>\n

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Internally, Usiminas faces the challenge of resuming investments to maintain industrial competitiveness. Its focus is on refurbishing coke batteries, a critical project for ensuring self-sufficiency in steelmaking inputs and cutting energy costs. At the same time, its mining arm requires strategic decisions, as current reserves are expected to supply its steel operations only until 2031.<\/p>\n<\/div>\n

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\u201cThe sale of Usiminas shares aims to mitigate the risk of further devaluation, as no significant recovery in Brazil is expected in the near term,\u201d said\u00a0Nippon Steel Vice President Takahiro Mori\u00a0<\/strong>during a conference call.<\/p>\n<\/div>\n

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The announcement brings an end to the long-running conflict between the Italian-Argentine group and the Japanese shareholders. The new structure unifies decision-making, shortens approval times, and facilitates industrial planning, investment, and capacity optimization.<\/p>\n<\/div>\n

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Relations between Nippon and Ternium had long been tense. \u201cThere was a cultural clash in management styles.<\/strong>\u00a0The financial strain at Usiminas, struggling plants, and differing responses to the crisis likely accelerated the end of this partnership,\u201d said a source familiar with the matter.<\/p>\n<\/div>\n

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Ternium declined to comment, while Usiminas stated it does not discuss matters related to its shareholders. With consolidated control, Ternium is expected to accelerate synergies, boost cost efficiency, and focus on higher value-added products\u2014moves that also protect the asset from potential acquisition by competitors.<\/p>\n<\/div>\n

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Market reactions have been largely positive, though not without caution. Citi analysts described the deal as neutral to positive for Usiminas, noting that Ternium already held control and no major management changes are expected. However, the transaction simplifies governance and may allow faster strategic execution under a single controlling shareholder.<\/p>\n<\/div>\n

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\u201cThe main risk for minority shareholders is the possibility of delisting without tag-along rights,\u201d wrote analysts\u00a0Gabriel Barra, Pedro Ferreira De Mello, and Stefan Weskott<\/strong>.<\/p>\n<\/div>\n

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According to\u00a0Artur Bontempo Filho<\/strong>, a steel and iron ore analyst at Wood Mackenzie, Ternium\u2019s consolidation is likely to streamline governance, a process already underway since 2023 with key leadership changes. One example was the appointment of\u00a0Marcelo Chara<\/strong>\u00a0as CEO, aligning Usiminas more closely with the management model and strategic direction of the Italo-Argentine group.<\/p>\n<\/div>\n

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\u201cThe extension of the contract with Porto Sudeste represents an important step for Minera\u00e7\u00e3o Usiminas SA (MUSA)\u2019s logistics strategy, securing seven additional years of operations with options to expand volume and duration if ore production increases. The company also expects to supply its steel plant with existing reserves at least until 2031, with some flexibility for extension,\u201d Mr. Bontempo said.<\/p>\n<\/div>\n

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Ownership shifts have been a recurring theme for Usiminas. Eleven years after Brazil\u2019s antitrust regulator, Cade, ordered Companhia Sider\u00fargica Nacional (CSN) to sell its stake in Usiminas, businessman Benjamin Steinbruch finally bowed to regulatory pressure, selling 4.99% of his shares to Globe, a company controlled by the Batista brothers (owners of J&F), for R$263.3 million. Even so, a court ruled that antitrust watchdog CADE must set a fine for the delay in complying with the order. CSN did not immediately respond to requests for comment.<\/p>\n

*By\u00a0Robson Rodrigues\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/p>\n<\/div>\n

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Deal marks shift for Japanese steel group amid Brazil\u2019s tightening market and end of strained partnership       11\/06\/2025\u00a0 Ternium\u2019s\u00a0purchase of the remaining stakes held by\u00a0Nippon Steel\u00a0and\u00a0Mitsubishi\u00a0in\u00a0Usiminas\u00a0consolidates a long-anticipated power shift in Brazil\u2019s steel industry. The deal stems from three converging factors: Nippon\u2019s global strategy to redirect capital toward higher-growth markets such as the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26581],"class_list":["post-96557","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-ternium-buys-nippon-and-mitsubishis-last-stakes-in-usiminas"],"yoast_head":"\nTernium buys Nippon and Mitsubishi\u2019s last stakes in Usiminas - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/ternium-buys-nippon-and-mitsubishis-last-stakes-in-usiminas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ternium buys Nippon and Mitsubishi\u2019s last stakes in Usiminas - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Deal marks shift for Japanese steel group amid Brazil\u2019s tightening market and end of strained partnership       11\/06\/2025\u00a0 Ternium\u2019s\u00a0purchase of the remaining stakes held by\u00a0Nippon Steel\u00a0and\u00a0Mitsubishi\u00a0in\u00a0Usiminas\u00a0consolidates a long-anticipated power shift in Brazil\u2019s steel industry. 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