Japan’s Itochu Corp announced on Wednesday that it has reached an agreement with Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) to acquire a 10.74% stake in CSN’s iron ore division, CSN Mineração (CM), for approximately 4.42 billion reais ($769 million).
CSN Mineração is Brazil’s largest iron ore producer and distributor. This purchase builds on Itochu’s existing investment in CM, where it has held an indirect 7.15% stake since 2008, according to a statement from the Japanese trading company.