During its 84th session (04.27.2016), CADE authorized Companhia Siderúrgica Nacional – CSN to indicate names for Usiminas’, its direct competitor, Board of Directors and Supervisory/Fiscal Board. When CSN acquired shares of its rival, CADE imposed a suspension of voting rights of these shares by means of an agreement, being that this suspension was put in place precisely to preserve competition in the market. CSN based their request on the current status of the steel sector, which is facing a crisis, as well as “growing corporate conflicts among controlling shareholders and the deterioration of CSN’s financial conditions”. CADE, whilst authorizing the election of members to the board, conditioned their tenure to the signing of a term of commitment with the authority, which sets forth obligations of acting with independence and supplying information whenever requested.
2016/05/02
