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Usiminas to challenge Sumitomo veto of unit's capital reduction

Steel News - Published on Wed, 11 Jan 2017

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Reuters reported that 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.

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Posted By : Rabi Wangkhem on Wed, 11 Jan 2017
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