Brazil's CSN Looks to Part Ways With Usiminas
07/13/2016 - Brazil’s Cia Siderúrgica Nacional SA said it will sell its stake in rival Usiminas, but only after it minimizes losses on its investment in the business, the company said Wednesday, reports the Reuters news service.
According to Reuters, CSN said the rocky relationship between Usiminas’ top two shareholders, Nippon Steel & Sumitomo Metal Corp. and Ternium, part of the Techint Group, has caused the value of its stake to decline. CSN owns 14 percent of Usiminas’ common shares and 20 percent of its preferred stock.
Techint and Nippon Steel have been at odds over Usiminas’ direction, and the two companies lately have been arguing over the appointment of Usiminas’ new chief executive, with Nippon Steel contending that the appointment violated a shareholders’ agreement
Reuters has the full story here.
Techint and Nippon Steel have been at odds over Usiminas’ direction, and the two companies lately have been arguing over the appointment of Usiminas’ new chief executive, with Nippon Steel contending that the appointment violated a shareholders’ agreement
Reuters has the full story here.
