After a spectacular takeover of Corus, Tata Steel has made a hostile offer to acquire Brazilian iron ore miner AVG, which is owned by global mineral giant MMX. The Steel Business Briefing quoted a MMX president Eike Batista as saying that the domestic steel giant has made the offer. AVG was purchased by MMX last year for $224 million. Its current capacity is around 2.3 million tonnes per year.
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