Itochu to buy stake in Brazil’s CSN’s iron ore unit for $769m

Japan’s Itochu Corp said on Wednesday that it agreed with Brazil’s steel company Companhia Siderúrgica Nacional (CSN) to buy a 10.74% 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% in CM since 2008, the Japanese trading company said in a statement.

($1 = 5.7508 reais)

(By Yuka Obayashi; Editing by Kim Coghill)