A CSN announced on Thursday (31) that it reduced its participation in the rival Usiminas to 7.92% of the share capital after sales of the company’s shares the day before.
The company said it has sold 35,192,508 common shares and 27,336,139 preferential shares of Usiminas to Tuesday’s trading closure prices.
A CSN It did not say how much it raised with sales of the papers, but according to Reuters calculations the value was about $ 263 million. The PNA PRECIAL ACTION OF USIMINAS ended Tuesday quoted at R $ 4.20 and the ordinary role at R $ 4.22, according to LSEG data.
The company also did not comment on the reason for the sale of shares when questioned by Reuters.
In February this year, the Minas Gerais Court ordered a leap in the daily fine that the CSN He was ordered to pay for not being undone until the mid -year of the rival’s actions. The increase in the penalty could exceed $ 1 billion in late August. THE CSN was appealing the decision.
With the operations of Wednesday, the CSN He mentioned that his participation in Usiminas on actions fell to 10.13% while in preferred the slice was reduced to 5.08%.
At the beginning of the year, the participation of CSN At Usiminas was about 13%, according to LSEG data.
A CSN began to set up a position in the rival in the 2010s. Cade has already determined the sale of Usiminas papers by CSN And there is on the agenda next week case analysis involving the two companies.
A CSN He did not say how much his stakes in the rival was shorter before sales of the papers.
Usiminas produces flat steels, largely used by automotive and machinery and equipment industries. Beyond CSNUsiminas disputes the Brazilian market with ArcelorMittal and more recently with Gerdau.
Until July 2013, the CSN It was the largest individual shareholder of Usiminas, with 14.1% of common shares and 20.7% of preferred, totaling 17.4% of total capital, according to Cade data.
At the end of that month, Usiminas PN stock was worth R $ 6.67 and on R $ 6.94, according to LSEG.
Executives of CSN It has been stated for years that the company has intended to sell shares of the company’s detained moods amid a long campaign of the company to reduce its indebtedness level.
