The Brazilian steel producer, Usiminas, informed the market that Reag Trust investors have acquired part of its shareholding capital belonging to the Brazilian steel and iron ore producer, Companhia Siderúrgica Nacional – CSN.
The acquisition includes 5.4 percent of Usiminas voting (ordinary) shares and 0.09 percent of its non-voting (preferred) shares, equivalent to an estimated $30 million.
Usiminas reported the acquisition is not related to the modification of the control of the company, or to its administration.
The acquisition is the outcome of a long-term dispute involving CSN, Usiminas, the competition authority, CADE, and the federal court TRF-6.
Under Brazilian legislation, the participation of CSN in Usiminas is limited to 5 percent, but CSN holds 12.9 percent.
In 2014, CADE ordered CSN to divest from the excess shares, but CSN has continually delayed the sale.
In June 2025, TRF-6 accused CADE of unjustified inertia in the episode, asking for an immediate explanation on the subject.
According to sources, the sale is part of the procedures to restore lawful conditions, as ordered by CADE.