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Negotiation of the sale of the mining activity of steelmaker Usiminas, "the State" has learned from sources close to the record. The talks were interrupted last week, a few days after the rupture of the dam at Córrego do Feijão, in Brumadinho (MG), which belongs to Vale.
The sale of Mineração Usiminas (Musa) is one of the mining company's priorities to reduce its heavy debt by R $ 5.9 billion, worth about R $ 1 billion. Last year, the group hired BTG Pactual for the sale of its 70% stake in Musa. The remaining 30% belongs to the Japanese Sumitomo conglomerate.
Potentially interested parties are ArcelorMittal and Ferrous, acquired by Vale at the end of last year. The bank was receiving the proposals. Expectations were to finish negotiations in July. The Sumitomo group, which acquired its stake in Musa in 2010, has a pre-emption right on the acquisition of the badet, but has not shown any interest in the company.
Sources reported by the newspaper 'O Estado de S. Paulo & # 39; believe that the sale of Minas Gerais Mining Assets should be discontinued indefinitely because of the legal uncertainty created after the Brumadinho episode. "Investors want to understand the risks of entering into contracts," says Pedro Galdi, an badyst at Mirae Asset.
Musa is located in Serra Azul, in the district of the Iron Quadrangle of Minas Gerais. to the affairs of ArcelorMittal and Ferrous. Acquired by Usiminas in the early 2000s, the company has an estimated production capacity of 12 million tons of iron ore.
Although the volume of production is considered low, Vale's capacity is about 400 million tonnes. Musa production is considered strategic to feed the raw material consumption of the iron and steel industries of Minas Gerais.
Vallourec
BTG Pactual was also mandated until last year for the sale of the Pau Branco mine, which belongs to the French Vallourec. The badets, valued at around $ 500 million at the time, were studied by ArcelorMittal and Vale, but the French group decided to suspend the sales process.
The Vallourec and Musa mines are both considered safer. that Vale is in Brumadinho. In the case of Musa, the tailings dam is built on the model called upstream damping (in which the dam is separated by compacted clay), while the Vallourec extraction is dry.
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The uprising movement of steel companies – which began to own mines to reduce steel production – began to intensify over the 2000s. 2015, due to the oversupply of ore, the country's steelmakers began to dispose of badets in order to strengthen the cash register.
The CSN has not cast aside until recently the entry of a partner in the CSN Mineração, owner of the mine Casa de Pedra in Minas Gerais. However, the successful reorganization with the group of Asian steelmakers badociated with the miner has eased the need to seek a new investor for the company, according to sources close to the company.
Convinced, Usiminas said that "the process of strategic badet valuation with BTG Pactual is still ongoing and there are no new facts on the negotiations at the moment." Arcelor Mittal, Vale and Vallourec have not commented. Sumitomo did not return the interview requests. The information is from the newspaper O Estado de S. Paulo
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