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UPDATE 1-Nippon says Ternium transferred shares before Usiminas vote

2015-03-31 02:40:21| Steel - Topix.net

Nippon Steel & Sumitomo Metal Corp said on Monday it had reported Ternium to Brazil's CVM market regulator for transferring to third parties shares in steelmaker Usiminas, which they jointly control, before a vote to elect a new chairman next week. The transfer "is a clear violation of the shareholder pact and of Brazilian law," Nippon said in a statement which quoted part of the agreement.

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