Usiminas Pension Fund Seeking $770m

The Usiminas employee pension fund is understood to be seeking around $770m for its 10.1% stake of the company’s voting stock, according to a banker familiar with the transaction. The pension fund, known as Caixa dos Empregados da Usiminas, has hired Credit Suisse to sell the stake, according to bankers familiar with the deal. According to Usiminas’ website, Nippon Steel is the largest voting shareholder, with a 27.8% stake, followed by Grupo Votorantim/Camargo Correa, which own a combined 26.0% of the voting shares.