Nippon Steel to Buy 1% of Usiminas

Japan’s Nippon Steel plans to buy up to 2.5m shares in Brazilian steelmaker Usiminas, Usiminas says. Nippon has hired Morgan Stanley to buy up the ordinary shares, which would represent about 1% of Usiminas’ outstanding float. Usiminas shares closed Friday at BRL39.10, indicating a total price of about BRL98m if Nippon buys the entire amount. The Japanese steelmaker was part of a group that bought nearly 15m Usiminas shares, or a 2.9% stake for BRL594.7m in April.