Wisco paying $400M for stake in Brazil’s MMX

Nov 30, 2009 | 08:34 AM |

Wuhan Iron & Steel Co. Ltd. (Wisco) has signed a definitive agreement to pay $400 million for a stake in Brazilian iron ore producer MMX Mineracao e Metalicos SA, and will build a 5-million-tonne-per-year steel mill near Rio de Janeiro, a Wisco executive said.

"We completed signing the agreement (Monday), which includes the stakes transaction as well as the joint venture for building a steel plant," the executive said.

Wisco will be MMX's second-largest shareholder, he said, declining to confirm the exact percentage stake purchased.....

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