CADE calculates fine in CSN and Usiminas’ case

On 6 August, the Administrative Council for Economic Defense (CADE) adjudicated the requests for clarification presented by Usiminas on the merger review of the acquisition of equity interests of the CSN.

The transaction was submitted to CADE’s analysis in 2011, after a series of acquisitions of Usiminas by the CSN. In 2014, the agency cleared the transaction upon the signing of a Compliance Agreement aiming to preserve competition in the market of plain steel. The CSN committed to reduce its shareholding interests in Usiminas to under 5% of the total capital or voting stock. Later, the deadline was extended through amendments until 2022, when the Tribunal of CADE authorised an open-ended term for the divestiture.

In June 2025, in compliance with the order from the Federal Appellate Court of the 6th Circuit (TRF-6), CADE notified the CSN to prove they met the obligations comprised in the Compliance Agreement. Thus, Usiminas presented requests for clarification on the completion of the measure.

The majority of the Tribunal acknowledged the motions and, after a decision on the merits, established that Usiminas was harmed, since the CSN is believed to have carried out the divestiture agreed with the authority. CADE also requested technical support to verify the CSN’s sale of Usiminas’ shares, and assigned the Compliance Unit to calculate the fine, meeting the requests from the Office of the Attorney General and the Federal Prosecution Services at CADE.