After assuming the control of Brazilian flat steel producer Usiminas, with 61.3 percent of its controlling block, Latin American steelmaker Ternium has named Marcelo Chara as the new CEO of the company, replacing Alberto Ono, who was nominated to the position by Nippon Steel two years ago.
Chara was the CEO of Ternium in Brazil since 2014 and has previously worked as the CEO of Ternium in Argentina, director of Usiminas and director of Sidor in Venezuela, when the company was controlled by Ternium.
Ternium assumed the control of Usiminas with the acquisition of shares from Nippon Steel, which remains with 31.7 percent of the of the controlling block.
According to the local press, Ternium has an option, valid for two years, to buy the remaining shares of the block of control of Usiminas belonging to Nippon Steel.