Itochu to buy 10.74% stake in Brazil’s CSN’s iron ore unit for $769 million

TOKYO : Japan’s Itochu Corp said on Wednesday that it agreed with Brazil’s steel company Companhia Siderúrgica Nacional (CSN) to buy a 10.74 per cent stake in CSN’s iron ore unit CSN Mineracao (CM) from CSN for about 4.42 billion real ($769 million).
CM is the leading iron ore producer and distributor in Brazil. This is an additional investment as Itochu has indirectly invested 7.15 per cent in CM since 2008, the Japanese trading company said in a statement.
($1 = 5.7508 reais)