Two different decisions at two distinct courts have postponed an Usiminas board meeting, which was expected to be held on Thursday this week and should have appointed the company’s board members.
A Brazil federal court suspended the Thursday board meeting, which was expected to elect senior management members for the flats steelmaker.
Meanwhile, a Minas Gerais state court suspended the election of CSN-appointed members for the Usiminas board. CSN is a competitor and also a minor shareholder at the flats producer.
Both Nippon and Ternium, major shareholders at Usiminas, filed different lawsuits this week at different courts, in an attempt to prevent CSN from gaining influence and vote in Usiminas’ board meetings.