SAO PAULO, May 11 (Reuters) - CSN , Brazil’s second-largest producer of flat steel products, said on Friday it is seeking to roll back a regulatory decision capping its stake in rival Usiminas.
“We respect the decision, but we find it very harsh. We’re trying to negotiate some flexibility on that decision,” David Salama, head of investor relations at CSN, said on a conference call. “Our aim is to exercise our rights under the law, and we think that’s possible.”
In April Brazil’s antitrust regulator Cade prohibited CSN from increasing its stake in Usiminas, heading off a stock-buying spree triggered by Italian-Argentine Techint’s takeover of Usiminas. Cade also suspended shareholder rights associated with CSN’s stake, such as naming board members.