Cade Fines CSN R$128 Million After Court Order in Usiminas Divestment Case

Overview

• Cade’s tribunal, by majority, set a R$128,072,893.45 fine updated by the Selic rate from August 1, 2024, with the amount designated for return to public coffers.
• The decision followed a TRF6 order requiring calculation and application of the contractual penalty tied to CSN’s delayed sale of Usiminas shares.
• President Gustavo Augusto Freitas de Lima and councillor Carlos Jacques dissented, while the reporting councillor Victor Fernandes formed the majority with three colleagues.
• The dispute stems from a 2014 requirement to keep CSN’s Usiminas stake at or below 5%, a 2023 court order to divest within one year, and a deadline that expired on July 10, 2024 before CSN sold the shares in 2025.
• CSN said it will take legal measures, argued the judge’s decision coerced Cade into an unjust fine, and asserted its stake now stands at 4.99% as recognized by the council.