January 10, 2017 / 8:47 PM / a year ago

Usiminas to challenge Sumitomo veto of unit's capital reduction

SAO PAULO, Jan 10 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, the Brazilian steelmaker seeking to honor terms of a debt refinancing deal with banks, plans to legally challenge a shareholder veto forbidding it to use part of the capital of a mining subsidiary.

In a Tuesday securities filing, Usiminas said Sumitomo Corp, which owns 30 percent of the Mineração Usiminas SA subsidiary, vetoed a plan to reduce the unit’s capital by 1 billion reais ($313 million). The plan was part of a 4 billion-real refinancing accord signed with lenders.

$1 = 3.1955 reais Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr; Editing by Paul Simao

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