Japanese and Korean steel firms have entered into an agreement to acquire a 15% stake in Brazilian company Companhia Brasileira de Metalurgia e Mineração (CBMM) for $1.9bn.
JFE Steel Corporation, Nippon Steel Corporation, Sojitz Corporation, Japan Oil and Gas, and Metals National Corporation will acquire a 10% stake for a value of $1.3bn, while Korean firms POSCO and National Pension Service will acquire a 5% stake for a value of $650m in CBMM, which manufacturers products using niobium.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Each of the six firms will have a 2.5% indirect stake in CBMM.
CBMM consists of a niobium mine, refining plant and metallurgical production facilities in the Araxá area of Minas Gerais State.
