Usiminas commercial director dismissed from conflict of interest

Tuesday, 23 January 2018 00:09:55 (GMT+3)   |   Sao Paulo
       

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.
 

 


Similar articles

Ex-Brazil BPI exporters achieve slight rise in latest deals to US amid better scrap sentiment

28 Mar | Scrap & Raw Materials

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Prices stable for Brazilian slab export deals

26 Mar | Flats and Slab

Brazilian high-grade iron ore price stable from last week

25 Mar | Scrap & Raw Materials

CRC import price offers stable in Brazil

25 Mar | Flats and Slab

Price gap between low and high-phosphorus Brazilian BPI narrows in last deals

25 Mar | Scrap & Raw Materials

Brazilian crude steel production increases in February

22 Mar | Steel News

Vale and Samarco subject to lawsuit in the Netherlands

20 Mar | Steel News

Brazilian high-grade iron ore price increases from last week

19 Mar | Scrap & Raw Materials