In Brazil, Usinor takes control of a steelmaker

Article Abstract:

Usinor SA, a France-based manufacturer of steel, has signed an agreement to acquire a big stake in Brazil-based Acos Especiais Itabira SA, or Acesita, for 720 million reals, or $625.2 million. Under the deal, Usinor will acquire 49.9% stake of a holding company, where Acesita will move its CST stake for 448 million reals. Usinor will also control over 35% of Acesita's voting rights, and it will control the daily operations and industrial management of Acesita. Usinor originally offered 625 million reals in total for the stake, but the offer was raised to 720 million reals because of the emergence of a potential rival offer for Acesita, a steel maker.

Comment:

Signs an agreement to acquire a big stake in Brazil-based Acos Especiais Itabira SA for 720 mil reals, or $625.2 mil

Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Brazil, Article, Acos Especiais Itabira SA

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Usinor's cost-cutting program is likely to cost manager's jobs

Article Abstract:

French steelmaker Usinor Sacilor has warned that management positions within the company will likely be cut. The firm is hoping to produce cost savings over the next three years . A target goal of $88.1 million and $176.2 million has been set.

Labor force information, Management, Abstract, Usinor Sacilor S.A.

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Usinor may not post profit in 2001, chairman warns

Article Abstract:

The chairman of Usinor S.A., Francis Mer, said that his company is unsure as to whether or not it will post a profit for the 2001 year. The company could be affected by the global economic slowdown.

Sales, profits & dividends, Forecasts and trends, Profit, Profits, Beliefs, opinions and attitudes, Mer, Francis

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