The Brazilian upper court, STJ, announced that it has reviewed the amount that Ternium would have to pay to CSN, relative to tag-along rights on the acquisition of a capital stake of Usiminas by Ternium in 2011.
Under the new calculation, the payment is reduced by 38 percent to BRL 3.1 billion ($455.9 million), of which BRL 2.6 billion to be paid by Ternium and BRL 548 million by Tenaris Confab, another member of the group that reportedly controls Usiminas.
Ternium reported, regardless of the reduction, that it will continue challenging the decision, in a first stage next to the same STJ, and if necessary next to the country’s Supreme Court (STJ).