SAO PAULO May 26 The board of Brazilian steelmaker Usinas Siderúrgicas of Minas Gerais SA approved on Monday a plan to raise a combined 1.150 billion reais ($518 million) in fresh financing, according to a securities filing.
Usiminas, as Brazil's No. 1 listed producer of flat steel is commonly known, will be allowed to obtain 850 million reais in financing, and an additional 350 million reais from a revolving credit facility, the filing said, without elaborating. The board also authorized management to hire financial advisors and banks. (Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr; Editing by Diane Craft)