Ternium, NSSMC agreement ends dispute over control of Brazilian steelmaker Usiminas

Latin American steel group Ternium and Japan's Nippon Steel & Sumitomo Metal Corp (NSSMC) have reached an agreement over the control of Brazilian steel and iron ore producer Usiminas.

The two firms, which are Usiminas' main shareholders, have agreed to establish new rules to govern their relationship as members of the Usiminas control group and to "amicably resolve and terminate the pending legal disputes" related to the Brazilian steelmaker, according to a document sent to the country's securities regulator, CVM, late on Thursday February 8. The deal settles a long-running legal dispute and will result in changes to the company's shareholder agreement. The two companies also agreed to alternate the nomination of Usiminas' chairman and chief executive officer every four...

Published

Felipe Peroni

February 09, 2018

09:41 GMT

São Paulo