With the approval of the Brazilian antitrust agency Cade, Japanese steelmakers Nippon Steel and Sumitomo Metals have withdrawn from the Namisa iron ore joint venture, which is 60 percent owned by the Brazilian steelmaker Cia Siderurgica Nacional (CSN). While Nippon Steel had a 16.2 percent stake in the Namisa joint venture, Sumitomo had a 6.6 percent share.
Cade also allowed Nippon Steel to increase its stake in CSN's rival, Brazilian flat rolled producer Usiminas since it is no longer affiliated with CSN. To this end, Nippon Steel is considering a partnership with another Brazilian steelmaker Gerdau