April 10, 2018 / 2:11 PM / 3 months ago

Brazil steelmaker Usiminas says shareholders reach agreement

SAO PAULO, April 10 (Reuters) - Brazilian steelmaker Usiminas Siderurgicas de Minas Gerais SA said on Tuesday that the company’s controlling shareholders have signed a new agreement, reflecting a rapprochement between Nippon Steel & Sumitomo Metal Corp and Ternium SA.

In February, the two sides said they were moving forward with an agreement to end a years-long boardroom dispute and define new rules on filling senior roles, among other issues.

Shares in Usiminas, as the company is commonly known, rose 1.4 percent in morning trading, while Brazil’s benchmark Bovespa index rose 0.3 percent. (Reporting by Gram Slattery and Raquel Stenzel Editing by Chizu Nomiyama)

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