Usiminas to buy Brazilian tube maker
Dec 18, 2008 | 11:10 AM
| Mick Bowen
Brazil's second-largest steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas) said it will acquire 100 percent of Brazilian tube maker and steel distributor Zamprogna SA in a deal worth 160 million reais ($67.8 million).
Based in Porto Alegre, capital of the southern state of Rio Grande do Sul, Zamprogna is the largest independent steel distributor and the largest welded pipe manufacturer in Brazil, as well as the country's largest consumer of coated sheet.
"Usiminas did not control a significant market share in distribution and service centers in the South (of Brazil) and with the acquisition of Zamprogna, it should reach an expressive increase in sales," Usiminas chief financial officer Paulo Penido Pinto Marques said in a statement. Zamprogna sells approximately 95 percent of its coated sheet to Brazilian steelmakers, he added.....
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