SAO PAULO, March 3 Brazilian steelmaker Usinas
Siderurgicas de Minas Gerais SA said in a securities filing on
Friday that shareholders of subsidiary Mineração Usiminas SA, or
MUSA, had approved a 1 billion reais ($321 million) capital
reduction for the division.
Usiminas has been trying for months to tap excess cash from
MUSA to comply with a debt refinancing accord with banks. The
initiative was rejected in January by MUSA shareholder Sumitomo
Corp. Reuters reported on Jan. 13 that the capital
reduction would not affect the unit's finances.
($1 = 3.116 Brazilian reais)
(Reporting by Tatiana Bautzer and Brad Haynes, editing by G