German-controlled Steel do Brasil has agreed to buy majority stakes in two Brazilian mining companies for $435 million.
In a regulatory filing distributed on Sunday it announced that it would buy 70 percent of Mhag Servicos de Mineracao for $245 million while in a separate transaction, it has agreed to pay $190 million to buy 80 percent of Mineracao Minas Bahia's iron ore Jiboia assets
In the filing the company said it would "increase its capital muscle substantially to conclude the acquisitions and develop its activities for the next two years," the filing said.
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