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SAO PAULO, April 18 (Reuters) - The board of Usinas Siderúrgicas de Minas Gerais SA, which is struggling with slumping sales and a swelling debt burden, approved unanimously on Monday a plan to raise up to 1 billion reais ($282 million) in fresh capital.
In a securities filing, the company known as Usiminas , said that one of the company's top two shareholders, Nippon Steel & Sumitomo Metal Corp, will subscribe the remainder of shares that are not bought by other shareholders.
Nippon Steel and partner Techint have been locked for over 1 1/2 year in a battle for control of the steelmaker.
$1 = 3.5401 Brazilian reais Reporting by Guillermo Parra-Bernal