SAO PAULO, Brazil (AP) -- Brazilian steelmaker CSN says it has reached a deal to sell 40 percent of its Namisa iron ore mine to a consortium of Asian companies for US$3.1 billion.
Companhia Siderurgica Nacional SA says the sale is a strategic partnership with Japan's Itochu Corporation, Nippon Steel Corp., JFE Steel Corp., Sumitomo Metal Industries Ltd., Kobe Steel Ltd., Nisshin Steel Co. Ltd. and South Korea's Posco.
CSN said in a statement that the deal is expected to be finalized on Tuesday.
The company said last June that it received 30 proposals for the iron ore unit, which is located in the south-central Minas Gerais state and currently produces 7.5 million metric tons.
CSN made the announcement on Monday.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.