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STXNEWS LATAM-Argentina's Siderar up on plan to raise capital
September 20, 2011 / 2:55 PM / 6 years ago

STXNEWS LATAM-Argentina's Siderar up on plan to raise capital

Shares in Argentine steelmaker Siderar (SID.BA) were trading up 2 percent at 24.45 pesos per share after the company called a November shareholder meeting to discuss a proposal to raise capital by issuing about 4 billion new shares priced at a nominal value of 1 Argentine peso per share. Traders said the move would be aimed at increasing the liquidity of the company’s stock.

Siderar is majority-owned by Ternium SA (TX.N), which is controlled by Argentina’s Techint conglomerate and has steel operations in Mexico and Argentina.

$1 = 4.4425 Argentine pesos Reuters Messaging: helen.popper.thomsonreuters.com@reuters.net

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