Rio de Janeiro, Brazil-based Companhia Siderúrgica Nacional (CSN) announced Monday that it has raised its shareholding of Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais (USIMINAS).
In March, CSN held 8.6 percent of USIMINAS' voting shares and a 5 percent non-voting stock in the company, which it has now raised to 10.01 percent and 5.25 percent, respectively.
The move has increased speculation that consolidation may be in the works between USIMINAS and CSN, Brazil's second and third largest steelmakers, respectively.