Brazilian flats steelmaker Usiminas said a Nippon Steel-appointed executive was dismissed due to a conflict of interest, according to media reports.
Usiminas said Masashi Imoto, the steelmaker’s commercial director, was using an Usiminas as well as a Nippon Steel email on a business card that should be only related to the Brazilian steelmaker, which presents a conflict of interest. Usiminas said Imoto asked to quit the same day the company indicated it would fire him.
Nippon Steel, a major shareholder at Usiminas along with Ternium, said the dismissal of the executive represents a “deterioration” of the mutual confidence between the Japanese shareholder and the Brazilian flats steelmaker. Nippon Steel said the business card was checked and approved by Usiminas.
“Opposing this injustice and lack of loyalty, Sr. Imoto asked to quit to defend his honor and to protest against this situation, which wasn’t well addressed by Usiminas,” Nippon Steel said.