Ternium Argentina S.A. (BASE:TXAR, Ternium Investments S.À R.L. and Confab Industrial S.A. agreed to acquire a 9.771544% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Mitsubishi Corporation (TSE:8058), Nippon Steel Corporation (TSE:5401) and Metal One Corporation for approximately BRL 580 million on March 30, 2023. The transaction is subject to approval by Brazil's antitrust authorities and will be financed with cash on hand. Diego Parise and Juan Ignacio Soma of Mitrani, Caballero & Ruiz Moreno acted as legal advisor to Ternium Group.

João Marcelo Gonçalves Pacheco of Pinheiro Neto Advogados acted as legal advisor to Nippon Steel Corporation. As of July 3, 2023. Tenaris paid approximately BRL 110 million in cash for 11.0 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.