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Business deals

Nippon Steel resolves boardroom spat over Brazil's Usiminas

Three-year dispute with Ternium ends with power-sharing accord over joint unit

Usiminas operates this steel mill in Ipatinga, Brazil.

TOKYO -- Nippon Steel & Sumitomo Metal has resolved years-long differences with Ternium over governance at their jointly held Brazilian unit Usiminas, the Japanese steelmaker said Friday.

Ternium, a steel group based in Argentina, controls 40% of Usinas Siderurgicas de Minas Gerais, commonly known as Usiminas, while Nippon Steel owns 33%. The two sides have fought for three and a half years for control over the Brazilian steel producer.

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