Brazilian steelmaker CSN's appointees barred from Usiminas board

jueves 16 de junio de 2016 13:05 GYT
 

SAO PAULO, June 16 (Reuters) - An appeals court judge in Brazil has overturned a ruling by the country's anti-trust authority that allowed steelmaker CSN to make appointments to the board of rival Usiminas, in which it has a stake.

The ruling by Jirair Aram Meguerian on Wednesday could mean CSN's two appointees will have to step down from the Usiminas board, which grew to 11 members after the anti-trust watchdog, known as Cade, cleared the way for the move in April.

The ruling was announced on the court's website.

The case, one of several connected to Cade's decision, is another chapter in the ongoing shareholder battle for control of the Usiminas boardroom.

Controlling shareholders, Nippon Steel & Sumitomo Metal Corp and Techint, have been at loggerheads for nearly two years, while CSN, which owns a significant stake but is outside the controlling group, is exerting increasing influence.

CSN, formally known as Companhia Siderúrgica Nacional SA, owns 19 percent of Usiminas preferred shares and 10 percent of its common shares, according to Thomson Reuters data. (Reporting by Alberto Alerigi; Editing by Paul Simao)