Nippon steel denies reports it plans to break up Usiminas
TOKYO, June 1 (Reuters) - Japan's biggest steelmaker, Nippon Steel & Sumitomo Metal Corp, said on Wednesday there was no truth to reports that it was planning to break up its Brazilian affiliate Usiminas.
A source close to the Japanese firm said on Tuesday that the recent change of chief executive at Brazilian steelmaker Usiminas has accelerated plans for controlling shareholders Nippon Steel and Ternium SA to break up the company
Japan's Nikkei newspaper also reported on Wednesday that Nippon Steel intended to hold talks on dividing production assets of Usiminas with Ternium. (Reporting by Yuka Obayashi; Editing by Ed Davies)
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