Armco Staco S.A. Indústria Metalúrgica made a binding proposal to acquire Mangels Industria e Comercio de Acos Ltda. from Mangels Industrial S.A. (BOVESPA:MGEL4) for BRL 13.6 million on May 29, 2012. Armco Staco S.A. Indústria Metalúrgica signed a share purchase agreement to acquire Mangels Industria e Comercio de Acos Ltda. from Mangels Industrial S.A. (BOVESPA:MGEL4) on August 31, 2012.The proposal has been accepted by Mangels Industrial. Mangels Industria e Comercio de Acos Ltda. reported net revenues of BRL 38 million in 2011. The transaction is subject to certain conditions, including approval by BNDESPar, a pension fund owned by Brazil's state development bank BNDES.

Armco Staco S.A. Indústria Metalúrgica completed the acquisition of Mangels Industria e Comercio de Acos Ltda. from Mangels Industrial S.A. (BOVESPA:MGEL4) on September 4, 2012. As on October 9, 2013, transaction was diapproved by Administrative Council for Economic Defense.