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Brazil court annuls Usiminas CEO appointment

A Brazilian regional court accepted Nippon Steel & Sumitomo Metal Corp.'s request to invalidate the May 25 board decision to appoint Sergio Leite as CEO of Usinas Siderúrgicas de Minas Gerais SA.

Nippon Steel, a significant shareholder in Usiminas, said that the board did not consult the Japanese firm when it appointed Leite.

The court decision also reinstated the board of directors which was in place before the May 25 meeting.