CADE extends time limit for CSN agreement

On 21 September 2022, the Administrative Council for Economic Defense (CADE) ratified Order 111/2022 which was issued by the President of the authority and established an indeterminate time limit for the divestiture of the Usiminas share lots owned by Companhia Siderúrgica Nacional (CSN), the Brazilian national mining company.

The Compliance Agreement signed on April 2014 was a measure to minimize competition concerns identified in the acquisition of Usiminas shares by the CSN.

This is the second time the time limit for the divestiture has been extended, the first was in 2019 through an amendment.

The Order, ratified on September 2022 by a majority of the Tribunal members, also establishes that all other obligations remain unchanged while prohibiting CSN from purchasing any new Usiminas shares until the divestiture is completed as per the terms of the compliance agreement.

However, should new competition concerns arise, CADE maintains the right to revoke the decision and determine the immediate sale of the Usiminas share lots owned by CSN.

Access case no. 08012.009198/2011-21.