Ternium S.A. (ADR) : Ternium Completes Acquisition of Participation in Usiminas Control Group
01/17/2012| 09:13am US/Eastern
Recommend:
+1 (866) 890 0443
+54 (11) 4018 2389 www.ternium.com
Ternium Completes Acquisition of Participation in Usiminas
Control Group
Luxembourg, January 17, 2012 -Ternium S.A. (NYSE: TX)
announced today that, together with its Argentine subsidiary
Siderar and Confab Industrial S.A., a subsidiary of Tenaris
S.A. ("TenarisConfab"), it completed the previously announced
acquisition of 139.7 million ordinary shares of Usinas
Siderúrgicas de Minas Gerais S.A. - USIMINAS ("Usiminas")
from Camargo Corręa, Votorantim and Caixa dos Empregados da
Usiminas (Usiminas' employee pension fund - "CEU"), or
27.7% of the voting capital, at a price of BRL36 per ordinary
share (approximately USD19). Ternium and Siderar financed
their BRL4.1 billion share (approximately USD2.2 billion)
with cash on hand and, in the case of Ternium, a USD700
million syndicated term loan.
Following the closing of the transaction, Messrs. Daniel
Novegil, Roberto Vidigal and Alcides Morgante were appointed
as members of Usiminas' board of directors, together
with their alternates, to replace the board members nominated
by Camargo Correa and Votorantim. In addition, Usiminas'
board of directors appointed Julián Eguren, previously a
senior executive with Ternium, as chief executive officer
(Diretor-Presidente) of Usiminas.
With strategically located facilities near the main consumers
of steel in Brazil and iron ore mines in the Serra Azul
region, Usiminas is the largest flat steel producer in the
country, with 9.5 million tons of crude steel capacity, and
the leader in the Brazilian flat steel market. Usiminas is
organized under four main business units: Mining, Steel,
Steel Processing and Capital Goods. In 2010, Usiminas had net
sales of BRL13.0 billion (approximately USD7.4 billion).
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.
1
About Ternium
Ternium is a leading steel company in Latin America,
manufacturing and processing a wide range of flat and long
steel products for customers active in the construction, home
appliances, capital goods, container, food, energy and
automotive industries. With its principal operations in
Mexico and Argentina, Ternium serves markets in the Americas
through its integrated manufacturing system and extensive
distribution network. The Company has an annual production
capacity of approximately ten million tons of finished steel
products. More information about Ternium is available at www.ternium.com.
2
Recommend :
