Break-Up of Brazil's Usiminas an Option, Says Executive
07/06/2016 - One way to end the dispute between Brazilian steelmaker Usiminas’ controlling shareholders might be break apart the company, a top executive of one the shareholders said, according to the Reuters news service.
According to Reuters, Nippon Steel & Sumitomo Metal’s chief executive in Brazil, Yoichi Furuta, told reporters that splitting up the troubled company remains an option, but no negotiations have begun.
Nippon Steel and Usiminas’ other controlling shareholder, Techint Group, have been at odds over Usiminas’ management and direction since 2014. In late May, Reuters reported that the appointment of Usiminas veteran Sergio Leite as the company’s new chief executive had accelerated plans for a split.
Nippon Steel, however, denied that it was planning to do any such thing.
Reuters has more on the story here.
Nippon Steel and Usiminas’ other controlling shareholder, Techint Group, have been at odds over Usiminas’ management and direction since 2014. In late May, Reuters reported that the appointment of Usiminas veteran Sergio Leite as the company’s new chief executive had accelerated plans for a split.
Nippon Steel, however, denied that it was planning to do any such thing.
Reuters has more on the story here.
