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Report: Usiminas elects new chairman

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Report: Usiminas elects new chairman

Usinas Siderúrgicasde Minas Gerais SA, or Usiminas, elected Elias Brito as chairman ofthe board in a "rare unified vote" between the Brazilian steelmaker'stwo biggest shareholders, Nippon Steel& Sumitomo Metal Corp. and TechintGroup, Reuters reported April 28, citing sources close to the Usiminasmanagement.

Brito is replacing Marcelo Gasparino, who was in April 2015 and was the onlycandidate for the position, after the company's controlling shareholders did notput up a nominee.

According to the sources, the unanimity between the opposingshareholders was aimed at blocking the move of Companhia Siderúrgica Nacional, or CSN, to nominate two membersto the Usiminas board.

CSN owns 14.1% of voting shares and 20.7% of nonvoting stockof Usiminas and was allowed this week by Brazil's anti-trust body to nominate twoboard members, the report said.

Shareholders also approved to increase the board seats to 11from 10, and elected three independent members that were endorsed by minority shareholdersCSN and Grupo BTG Pactual SA.

Earlier in April, the Usiminas board gave its to raise up to 1 billionBrazilian reais in fresh capital for the company.