A Brazilian court upheld Tuesday a ruling that confirmed the dismissal of Usiminas’ CEO, Julian Eguren, and two other executives appointed by Techint, serving as a victory for Nippon Steel & Sumitomo Metal Corp., which owns 31 percent of Usiminas; Techint owns 38 percent.
The two companies signed a pact in 2012 to jointly manage Usiminas and the dispute over its operation started in September when the executives were fired over alleged financial misconduct, triggering a legal challenge from Techint.