Belo Horizonte, Brazil-based Usinas Siderurgicas de Minas Gerais SA (Usiminas) has turned to antitrust officials in the Brazilian government for help to stave off a potential takeover by rival Brazilian flat-rolled steelmaker Companhia Siderurgica Nacional SA (CSN).
The move is likely a response to media reports last week that CSN was trying to buy out other stakeholders in Usiminas to grow its share in the company, in addition to CSN raising its stake in Usiminas to 15.15 percent of Usiminas' preferred shares on August 19.
Usiminas has insisted to its government that if CSN were to become the majority stakeholder in the company, it would hurt domestic competition in Brazil.