Brazil’s Usiminas to divest from Musa

Usiminas

One of Brazil’s largest steelmaker, Usinas Siderurgicas de Minas Gerais also known as Usiminas is planning to sell its stake in its mining unit.

Usiminas has about 70% stake in Musa.

According to data compiled by Reuters News, Mineração Usiminas, known as Musa, could be valued at 1 billion reais, the paper said, citing people close to the matter.

The medium said that the Usiminas stake could be sold to partner Sumitomo Corp, which owns 30 percent of Musa.

BTG and Sumitomo did not immediately respond to Reuters requests for comment.