Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas) is a Brazilian manufacturer and seller of flat steel products. Founded in 1962, Usiminas has four business units: iron ore mining (Mineração Usiminas), steel (Ipatinga and Cubatão plants, and Unigal Usiminas), steel processing (Soluções Usiminas) and capital goods (Usiminas Mecânica). Its product portfolio includes heavy plates, hot and cold rolled steel, electrogalvanized and hot deep galvanized products serving the automobile, energy, civil construction, appliances and navy industries, among others. Due to the economic crisis in Brazil, the company has lately faced financial difficulties in terms of cash generation, but it extended a standstill agreement with its main creditors until September, has concluded around 75% of its total debt renegotiation and has got the approval for an approximately US$315mn capital increase. Luxembourg-based Ternium has a 19.81% stake in Usiminas, and it shares its control with Japanese firm Nippon Group (21.10%) and Usiminas pension fund (4.84%).