Brazil watchdog postpones deadline for CSN to sell Usiminas shares

Thursday, 21 March 2019 22:40:41 (GMT+3)   |   Sao Paulo

Brazilian anti-trust regulator, Cade, has postponed the deadline for Companhia Siderurgica Nacional (CSN) to sell shares at flats producer and competitor Usiminas, SteelOrbis has learned.

The decision to postpone the deadline, which was expected for late April, followed a request from CSN. Cade did not unveil a specific date for CSN to sell the shares.

SteelOrbis gained access to an Usiminas document filing, which requested that the steelmaker obtain access to all information regarding the CSN stock sale. Usiminas said the process should be made public. Usiminas said it had access to the stock sale process only until 2017. Then Cade reportedly stopped informing the steelmaker.

Usiminas stock prices have raised in the past few years, as the local steel industry recovers from a steep crisis.

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