Brazilian antitrust authority Cade has prevented local steelmaker Companhia Siderurgica Nacional (CSN) from joining an Usiminas meeting on April 25.
A minority shareholder at flats producer Usiminas, CSN was prevented from joining the board meeting that will appoint the steelmaker’s fiscal and administration council members, Cade said.
CSN, which is expected to sell its minority 17.4 percent stake at Usiminas as part of ongoing efforts to cut debt, has filed a request to join the meeting, which is crucial for appointing key executives to the Usiminas administration and fiscal councils.
Despite rejecting CSN’s request for joining the meeting, Cade allowed CSN to nominate candidates for the two Usiminas councils. They have agreed to keep CSN’s interests apart from their decisions in case they take board positions.