The Brazilian anti-trust authority, CADE, imposed a fine to the steel and iron ore producer, CSN, equivalent to $23.4 million, for the many years of delay after ordered to sell its shares of the steel producer, Usiminas.
The situation originated in 2011, when CSN decided to assume control of Usiminas via the controversial strategy of acquiring 16 percent of its non-voting shares.
After a series of disputes, CSN was ordered in 2014 to divest from shares exceeding 5 percent of the total, under the Brazilian legislation, allowing for a deadline of five years to conclude the sale.
After successive postponements, the sale was concluded in 2025, when the federal court TRF-6 ordered CADE to establish a fine to CSN for successive years of delay.
