Usiminas Board Said to Approve Nippon Capital Increase Proposal

  • Transaction, opposed by Ternium, still needs shareholders' nod
  • Usiminas is seeking a standstill agreement with creditors

Usiminas’ board approved a 1 billion-real ($279 million) capital increase proposed by joint controller Nippon Steel & Sumitomo Metal Corp. as the Brazilian steelmaker seeks funds to repay debt, people briefed on the matter said.

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