Jul. 04, 2023
Nippon Steel Corporation
As announced on March 30, 2023, Nippon Steel Corporation (“NSC”) and Ternium Investments S.à r.l. and its three group companies (collectively, “Ternium”) agreed to amend the Amended and Restated Shareholders Agreement dated October 17, 2018, setting forth the establishment of certain new governance structure of Usinas Siderúrgicas de Minas Gerais S.A. – Usiminas (“Usiminas”), and to transfer to Ternium a portion of the ordinary shares of Usiminas held by NSC, all of which are subject to fulfilment of the conditions precedent such as obtaining approval by the Brazilian antitrust authority.
Upon fulfilment of all of the conditions precedent, on July 3, Brazilian local time, the transfer of a portion of the ordinary shares of Usiminas held by NSC to Ternium was completed and the Second Amended and Restated Shareholders’ Agreement of Usiminas (“the New SHA”) came into effect.
Under the new governance structure of Usiminas, NSC will continue to jointly manage Usiminas with Ternium with a view to increasing Usiminas' competitiveness and corporate value in the best interest of Usiminas and all of its stakeholders.
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