Firms to acquire stake in niobium company

Japanese and Korean steel firms have entered into an agreement to acquire a 15% stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) for USD 1.9 billion. JFE Steel Corporation, Nippon Steel Corporation, Sojitz Corporation, Japan Oil and Gas, and Metals National Corporation will acquire a 10% stake for USD 1.3 billion, while POSCO and National Pension Service will acquire a 5% stake for USD 650 million. CBMM manufactures products using niobium; the company consists of niobium mine, refining plant and metallurgical production facilities in the Araxá area of Minas Gerais State. Each of the six firms will acquire a 2.5% indirect stake in CBMM.