Arcelor Increases Stake in Brazilian Stainless Operation

Arcelor has entered into a definitive agreement with two Brazilian pension funds over the acquisition by Arcelor of Acesita S.A. of 25 percent of the Brazilian stainless steel producer's voting capital and 8 percent of its total capital stock.

Acesita is one of the top stainless steel producers in the world.   

As a result of this agreement, Arcelor's subsidiary Usinor will pay slightly more than $20 per Acesita share to Caixa de Previdência dos Funcionários do Banco do Brasil and Fundação Petrobrás de Seguridade Social under the terms of the call option exercised by Usinor late last month

Arcelor is one of the largest steel producers in the world.

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