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Cosipa shares cease trading on Bovespa

Bnamericas Published: Wednesday, April 06, 2005
São Paulo-based flat-steel maker Cosipa's shares ceased trading on Brazil's Bovespa stock exchange after securities regulators CVM canceled the company's listing, according to a statement by the exchange. Belo Horizonte-based steelmaker Usiminas purchased the outstanding shares of subsidiary Cosipa for US$89.8mn in an auction on March 18. Usiminas first acquired a stake in Cosipa in 1993. "We will have more agility to make decisions and be able to increase the integration between the two companies," Usiminas president Rinaldo Campos Soares said in a statement on March 21. Usiminas and Cosipa have combined annual installed crude steelmaking capacity of 9.5Mt. Cosipa makes steel plates and hot- and cold-rolled steel at its plant in Cubatão in São Paulo state. Usiminas operates a steel plant at Ipatinga in north-central Brazil's Minas Gerais state.

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