The arm wrestling of recent months between Buenos Aires, Argentina-based steelmaker Siderar (Ternium Group) and the Argentinean government has ended in favor of the latter, as three government-nominated members have been appointed to the board of directors of the company, as reported by local media sources.
The new board has 11 members, eight of which have been appointed by majority shareholder Ternium, while three have been nominated by Anses, the Argentine National Social Security Administration, owner of 25.9 percent of Siderar shares.
As previously reported by SteelOrbis, in April 2010 Siderar's board of directors refused to open its doors to state-nominated members.