Usiminas Picks Chairman as Board Spat Opens Door for Tycoon
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Usinas Siderurgicas de Minas Gerais SA appointed a new chairman as minority shareholders including billionaire Lirio Parisotto stepped into a fight between Nippon Steel & Sumitomo Metal Corp. and Italy’s Techint Group over control of the Brazilian steelmaker.
After a shareholder meeting of more than five hours, board member Marcelo Gasparino was elected chairman of the company known as Usiminas, according to a regulatory filing. Parisotto was elected to the board to represent minority shareholders during the meeting at the company’s headquarters in Belo Horizonte in Brazil’s southeast.