Usiminas unveils candidates for board amid Nippon-Ternium rift
SAO PAULO, March 19 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, Brazil's largest listed flat steel producer, unveiled late on Wednesday a list of candidates for its board for an April 6 vote, as a rift between the company's two largest shareholders shows no signs of abating.
In a securities filing, the company known as Usiminas said Chairman Paulo Penido Marques is one of the candidates. Eiji Hashimoto and Fumihiko Wada, both senior executives at Nippon Steel & Sumitomo Metal Corp are also on the list.
Rita Assis Fonseca, the president of Previdência Usiminas, the firm running the retirement funds of Usiminas workers, is also on the list, according to the filing. They will run for a one-year term.
Usiminas said minority shareholders did not send the name of their candidate until late on Wednesday. The company will host its annual shareholder meeting on April 6.
A rift between controlling shareholders Ternium SA and Nippon Steel that began in September has led minority investors such as billionaire Lírio Parisotto to add voting shares of the steelmaker to force changes at the board.
The Nippon-Ternium rift began after the dismissal of Julián Eguren as chief executive officer of Usiminas. Eguren, who during his two-year stint brought Usiminas back to profitability by slashing costs and easing bottlenecks, was fired for alleged inappropriate receipts of money. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)
© Thomson Reuters 2017 All rights reserved.