Brazilian competition authority CADE fined steel and iron ore producer CSN US$23.4 million for years of delay after it ordered the sale of its shares in steel producer Usiminas.
The situation arose in 2011 when CSN decided to take control of Usiminas through a controversial strategy to acquire 16 percent of its non-voting shares.
After a series of disputes in 2014, CSN was ordered to sell shares exceeding 5 percent of the total under Brazilian law, giving a period of five years to complete the sale.
After successive delays, the sale was completed in 2025, when the federal court TRF-6 ordered CADE to establish a penalty for CSN for subsequent years of delay.
