RIO DE JANEIRO -(Dow Jones)- Japan's Nippon Steel Corp. (5401.TO, NISTY), the leading controlling shareholder in Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5.BR, USZNY) or Usiminas, plans to purchase a 26% voting capital stake in Usiminas from Camargo Correa and Votorantim Groups and then sell half these shares on to Latin American steelmaker Ternium SA (TX), which is seeking a Usiminas stake, Steel Business Briefing reported, citing an informed source at Usiminas. Nippon should announce the acquisition of the 26% stake in Usiminas on Nov. 30, and no date has yet been set for the sale on to Ternium, SBB reported. The source disclosed that Nippon, which holds the right of first refusal on the sale of holdings within the Usiminas controlling shareholders' group, wishes to remain Usiminas' dominant shareholder, the publication said. Ternium announced last week it is in talks with Usiminas with a view to purchasing a stake in the Minas Gerais-based steelmaker but that no accord had yet been reached. Ternium reportedly has strong business links with Nippon Steel with which it last month set up a galvanized steel joint venture in Mexico. A Usiminas spokesman in Belo Horizonte had no immediate comment on the SBB report when contacted by Dow Jones Newswires. -By Diana Kinch, Dow Jones Newswires; 55 21 7564 4495; diana.kinch@dowjones.com
