CSN ordered to sell its Usiminas shares

Friday, 23 September 2022 20:58:36 (GMT+3)   |   Sao Paulo
       

The general board of the Brazilian anti-trust authority Cade has decided that local flats producer CSN will have to sell the capital stake it owns at the competitor Usiminas, from today’s 17 percent until a maximum 5 percent is achieved.

The decision reverts a recent individual determination by the superintendent of Cade, who had changed the long-term jurisprudence of the court that limited to 5 percent the capital participation in competitor companies.

The decision is considered by analysts as a partial victory for Usiminas, as CSN is now prohibited to buy additional shares of the company and cannot interfere with its administration, but on the negative side, the court did not establish a deadline for the conclusion of the sale of the shares.

One of the counselors of Cade was quoted by the newspaper Valor Economico as saying that, if CSN adopts an anti-competition procedure, it will have to sell its Usiminas shares immediately.

The case dates to 2011, when CSN decided to buy shares of the Usiminas capital, in a questionable strategy to interfere in the administration of the company.


Similar articles

Usiminas “fights back” and asks for lower CSN stake

21 Sep | Steel News

Cade allows CSN’s limited stake in Usiminas

16 Sep | Steel News

CSN, Gerdau and Usiminas to post weaker profits in Q4

13 Jan | Steel News

Vale, Usiminas, CSN and Vallourec halt iron ore operations amid intense rainfall

10 Jan | Steel News

Brazilian steel industry to continue momentum, say analysts

21 Jun | Steel News

CSN and Usiminas increase steel prices between 10.2 and 12 percent

03 Dec | Steel News

Inda: Usiminas, ArcelorMittal Brazil to raise steel prices, following CSN

19 Jun | Steel News

Gerdau, Usiminas and CSN ratings downgraded over weaker demand

27 Apr | Steel News

Reduced import tariff would hit Usiminas hardest

24 Oct | Steel News

Credit rating agency sees upside for Brazilian steelmakers

05 Apr | Steel News