|  | 07/02/2010 |
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Sumitomo Corp. to Acquire Usiminas' Iron Ore Interest for US$ 1.9 Billion
Sumitomo Corporation announced on Thursday the firm reached basic agreement to acquire iron ore interest from Brazilian major steel maker, Usiminas. Sumitomo Corp. pays maximum US$ 1.929 billion to get 30% share in Usiminas' iron ore mining subsidiary. Sumitomo Corp. joins Usiminas' iron ore expansion project as the strategic partner to expand the iron ore production to around 30 million tonnes by 2015 from current 7 million tonnes level. Sumitomo Corp. tries to develop the Brazil based iron ore business to world No.4 iron ore major shipper by developing alternative source when world major 3 iron ore major control majority of world supply.
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 | Sumitomo Corp. to Acquire Usiminas' Iron Ore Interest for US$ 1.9 Billion
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