IN BRIEF: Usiminas sells logistics firm Rios Unidos

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Monday, October 17, 2016

Brazilian steelmaker Usiminas has agreed to sell logistics and transportation unit Rios Unidos to Grecco Logística in a deal worth 18mn reais (US$5.63mn).

With the acquisition, logistics firm Grecco's name will change to GTI-Log, news service Investimentos e Notícias reported.

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Grecco estimates it will generate sales revenue of 160mn reais this year, up 25%, as a result of the acquisition.

With a fleet of over 700 units, GTI-Log will handle about 30% of Usiminas' domestic steel shipments, or 1Mt/y, placing it among the top 10 shipping companies in the steel segment in the country, the report said.