Ternium S.A. completed the purchase of Nippon Group’s remaining participation in the Usiminas control group on February 10, 2026, giving the company full ownership of the Brazilian flat‑steel producer. The all‑cash transaction valued the 153.1 million ordinary shares at $2.06 each, totaling approximately $315.2 million.
Prior to the closing, Ternium’s stake in the Usiminas control group stood at 51.5%. The acquisition raised that stake to 83.1%, and when the Ternium‑Argentina and Confab subsidiaries are included, the T/T group now holds 92.9% of the control group, effectively granting Ternium complete control over Usiminas’ strategic decisions and financial results.
The deal aligns with Ternium’s strategy to deepen its presence in the Americas, particularly in Brazil, by integrating Usiminas’ operations and supply chain. Nippon Steel’s divestiture was driven by a shift toward higher‑growth markets such as the United States, India, and ASEAN, and by a desire to mitigate impairment risk after Usiminas posted a significant Q3 loss.
The transaction was financed entirely with cash on hand, avoiding equity dilution and keeping Ternium’s debt profile unchanged. The all‑cash nature of the deal also reduces liquidity pressure, although the $315.2 million outflow will be reflected in the company’s cash balance for the year.
Ternium’s involvement with Usiminas dates back to 2012, when its subsidiaries joined the control group. The company began fully consolidating Usiminas’ financial statements in July 2023 after increasing its ownership to 51.5%, and the February 2026 completion marks the culmination of a multi‑year consolidation strategy.
When the agreement to acquire the remaining stake was announced on November 5, 2025, Ternium’s stock rose 1.18%, reflecting investor approval of the increased control and the cash‑only financing. No specific market reaction was reported for the February 10 completion, but the transaction’s completion is expected to reinforce investor confidence in Ternium’s Brazilian operations.
Ternium’s CEO stated that the company aims to “take Usiminas to its full potential, enhancing competitiveness and value for all stakeholders.” Nippon Steel’s vice chairman noted that the sale was intended to “mitigate further impairment risks, as no significant recovery is expected in Brazil.”
With near‑complete control, Ternium can fully integrate Usiminas’ operations, realize operational synergies, and align the Brazilian business with its broader Americas strategy, positioning the company to capture margin improvements and strengthen its competitive stance in the global steel market.
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