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Usinas Siderurgicas de Minas Gerais SA Usiminas (USIM5.SA)

USIM5.SA on Sao Paolo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Nippon Steel & Sumitomo Metal intends to hold talks on dividing production assets of Usiminas with Ternium - Nikkei
Tuesday, 31 May 2016 01:11pm EDT 

: Nippon Steel & Sumitomo Metal intends to hold talks on dividing production assets of Brazilian affiliate Usiminas with Ternium - Nikkei .One Proposal Would Give Nippon Steel & Sumitomo Metal, ownership of a Usiminas mill in Ipatinga - Nikkei.  Full Article

Usinas Siderurgicas de Minas Gerais SA Usiminas sticks with plans to fire 4,000 at mill, union says - Reuters
Friday, 15 Jan 2016 07:35am EST 

Usinas Siderurgicas de Minas Gerais SA Usiminas:Usinas Siderúrgicas de Minas Gerais SA, upheld on Friday a plan to halt steel production at its Cubatão mill, which will mean dismissal of about 4,000 workers, union leaders said. - RTRS.The STISMMMEC union, which represents steelmakers around Cubatão, said a meeting between workers, prosecutors and the company known as Usiminas did not yield any agreement. - RTRS.According to Florêncio Rezende de Sá, the union's president, the dismissals will take place through March 15. The union says that some 4,000 jobs will be lost. - RTRS.In a statement, Usiminas said that 2,000 jobs directly related to the work at the plant would be cut, without saying how many indirect positions would be lost as part of the decision. - RTRS.The layoff plan presented to workers includes benefits that are in excess of those mandated by the law, the company added - RTRS.Usiminas USIM5.SA, which is closing steel production activities in Cubatão but maintaining rolled-steel operations, has cited weak prices and poor demand in Brazil among the reasons behind the mill's shutdown - RTRS.  Full Article

Usinas Siderurgicas de Minas Gerais SA Usiminas announces temporary shutdown of primary areas of Cubatao plant
Thursday, 29 Oct 2015 06:43am EDT 

Usinas Siderurgicas de Minas Gerais SA Usiminas:Says will temporarily stop operations of primary areas of Cubatao Plant, including sintering, coke ovens, blast furnaces, steel works and activities associated with these areas.Says will stop producing plates, but will keep active its lines of hot and cold rolling and operations at its port terminal.Says heavy plate rolling line will keep being temporarily suspended.  Full Article

Usinas Siderurgicas de Minas Gerais SA Usiminas ends port services contract with MMX Porto Sudeste Ltda
Monday, 22 Jun 2015 07:42am EDT 

Usinas Siderurgicas de Minas Gerais SA Usiminas:Informs that its controlled company Mineracao Usiminas SA (MUSA) notified MMX Porto Sudeste Ltda of the immediate termination, by MUSA, of the port services contract executed by the parties in February 11, 2011.Such termination by MUSA is based in the reiterated breach, by Porto Sudeste, of its obligation to complete the port and to put it in operation, which should have occurred in April 1 2012, as well as the default of its obligation to pay the contractual penalties in connection with such breach.  Full Article

Usinas Siderurgicas de Minas Gerais SA Usiminas announces stoppage in its iron production
Tuesday, 19 May 2015 07:37am EDT 

Usinas Siderurgicas de Minas Gerais SA Usiminas:Says that it has decided to shut down temporarily blast furnaces no. 1 from Cubatao plant and no.1 from Ipatinga plant, as of May 31 and June 4 respectively.Pig iron production will be reduced to around 120 tons per month.Measure to reduce costs and increase the company's performance against competition in the current market.  Full Article

Usinas Siderurgicas de Minas Gerais SA Usiminas announces decision of Brazilian regulator on Ternium shareholding
Wednesday, 15 Apr 2015 08:57am EDT 

Usinas Siderurgicas de Minas Gerais SA Usiminas:Says that the Brazilian markets regulator (CVM) announced that Ternium SA will have to launch a tender offer for all ordinary shares of Usiminas in consequence of the last stake increase of Oct. 014.  Full Article

More From Around the Web

Ousted Usiminas CEO questions board decision as rift deepens

SAO PAULO The ousted chief executive officer of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA said on Friday he did not violate company polices during negotiations over ways to tap cash from a subsidiary last year.