LUXEMBOURG / ACCESSWIRE / July 3, 2023 / Ternium S.A. (NYSE:TX) today completed, together with Confab, a subsidiary of its affiliate Tenaris S.A., the previously announced acquisition of 68.7 million ordinary shares of Usinas Siderúrgicas de Minas Gerais S.A. - USIMINAS ("Usiminas") from Nippon Steel Corporation, Mitsubishi and MetalOne (the "NSC group"), pro rata to their current participations in the T/T group within Usiminas control group, at a price of BRL10 per ordinary share.
Pursuant to the transaction, Ternium paid $118.7 million in cash for 57.7 million ordinary shares, increasing its participation in the Usiminas control group to 51.5%. As previously announced, upon closing of the transaction, the Usiminas shareholders agreement was amended and restated to reflect a revised governance for Usiminas. As a result, Ternium will fully consolidate Usiminas balance sheet and results of operations in its consolidated financial statements beginning in July 2023.
Ternium is Latin America's leading flat steel producer, with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America. The company offers a broad range of high value-added steel products for customers active in the automotive, home appliances, HVAC, construction, capital goods, container, food and energy industries through its manufacturing facilities, service center and distribution networks, and advanced customer integration systems. More information about Ternium is available at www.ternium.com.
Forward Looking Statements
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to gross domestic product, related market demand, global production capacity, tariffs, cyclicality in the industries that purchase steel products and other factors beyond Ternium's control.
Ternium - Investor Relations
+1 (866) 890 0443
+54 (11) 4018 8389
SOURCE: Ternium S.A.
View source version on accesswire.com: