Sao Paulo, Brazil-based Cia. Siderurgica Nacional SA (CSN) announced Thursday that it has raised its stake in fellow Brazilian flat-rolled steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas).
CSN nearly doubled its holding of Usiminas' preferred shares from 5.25 percent to 10.2 percent and increased its stake of common stock from 10.01 percent to 10.84 percent. As CSN continues to buy stock in Usiminas, speculations grow that CSN is slowly moving to gain managing control of its rival.