Itaú bank, one of Brazil’s largest commercial banks, has become a “relevant” shareholder at flats steelmaker Usiminas, SteelOrbis has learned.
Usiminas said this week the private commercial bank now owns a 5.46 percent stake at the flats producer, which includes the company’s total ordinary shares.
The steelmaker said Itaú doesn’t intend to change Usiminas’s current shareholding or administrative structures. Usiminas’s controlling shareholders are Ternium and Nippon Steel.