Ternium, a major shareholder at Brazil flats producer Usiminas, said on Tuesday it has agreed to subscribe to 38.7 million ordinary shares at the local steelmaker for a total amount of BRL 193.5 million ($54.5 million).
According to the Usiminas shareholder, out of the total $54.5 million capital injection, Ternium’s subsidiaries Siderar and Prosid have subscribed to 33.6 million shares for a total amount of BRL 168.2 million ($47.3 million).
Ternium said the terms for indicating the maximum number of ordinary shares to be subscribed to under the second round is expected to expire on June 14, 2016.
Last week, CSN, a competitor and a minor shareholder at Usiminas, said it subscribed to 35.8 million shares in Usiminas capital increase at a total amount of BRL 178.8 million ($50.6 million).
$=BRL 3.45 (May 24, 2016)