Nippon Steel & Sumitomo Metal Corporation (NSSMC), a major shareholder at Brazil flats producer Usiminas, denied this week a media report that said a split could occur at Usiminas, as previously reported by SteelOrbis.
NSSMC has opposed the appointment of Sergio Leite, a candidate supported by co-controlling shareholder Techint, as Usiminas’ CEO. NSSMC said it will appeal the decision.
The CEO change was said to have accelerated NSSMC’s desire to split the assets of the Brazil flats producer.
“NSSMC has not made such a decision,” the company said on Wednesday, while referring to the alleged company split.
The split has been seen as an alternative to end legal disputes involving the two shareholders. None of the companies have confirmed or denied plans to split the company.