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News For MSBHY From The Last 14 Days
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September 26, 2014
09:54 EDTMSBHYUsiminas board passes resolution dismissing CEO
Ternium (TX) announced that the board of directors of Usinas Siderúrgicas de Minas Gerais (USNZY) passed a resolution dismissing the company's CEO and two other executives from their respective positions at the Usiminas board of officers. The board resolution dismissing the officers was passed with a 5 to 5 vote, and the tie was resolved by the chairman of the board through his casting vote. The dismissal of the officers is part of a controversy that arose within the Usiminas control group with respect to rules applicable to the appointment of senior managers. Ternium believes that the votes cast by the NSSMC Group-appointed members were computed in violation of the shareholders agreement that governs the rights of the members of Usiminas' control group. The NSSMC Group is comprised by Nippon Steel & Sumitomo Corporation, Mitsubishi (MSBHY) and Metal One. Following the dismissal of the officers, the position of CEO of Usiminas will be held, on a temporary basis until a new board of officers is agreed between the T/T Group and the NSSMC Group, by Romel Erwin de Souza, Usiminas' current Vice-president of Technology, who was elected with the same votes that decided the dismissal. Ternium intends to take all reasonable actions to protect its rights and investment in Usiminas.

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