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Movement Occurs Just Before CADE’s Decisive Meeting and Rekindles Billion-Dollar Dispute in the Steel Sector
CSN Sold Part of Its Stake in Usiminas for R$ 263.3 million, reducing its share in the competitor from 12.91% to 7.92%. According to information gathered by O Globo, the negotiation takes place amid pressure from the Justice and the Federal Public Ministry, which demand compliance with a 2014 CADE (Administrative Council for Economic Defense) decision, requiring CSN to lower its stake to less than 5% in the rival.
The buyer of the stake was Globe Investimentos S.A., a company of the J&F group, a holding controlled by the Batista family, owners of JBS. The group’s entry into the capital of Usiminas adds a new element to one of the largest corporate disputes in the country, involving CSN, Ternium, and now a third group with strategic interests in mining and steel.
Who Bought the Stake and Why It Matters
Globe Investimentos, headed by Aguinaldo Gomes Ramos Filho, is the financial arm of J&F, a conglomerate of the Batista brothers. Although the exact motivation for the purchase has not yet been disclosed, the group has been expanding its operations in the mining sector through Lhg Mining, which may indicate a strategy of vertical integration or industrial diversification.
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The entry of the Batistas, known for aggressive market moves, could alter the balance of power in the control of Usiminas, which is currently under the control of Ternium, which has also been vying for influence with CSN for years.
Understand the Origin of the Dispute Between CSN and Usiminas
CSN’s presence in Usiminas’ capital has been considered problematic by CADE since 2014, when the antitrust agency decided that its share should be reduced to less than 5%, at the risk of harming competition in the steel sector. CSN has never fully complied with the decision, leading to a prolonged legal battle.
In July 2025, the Federal Regional Court of the 6th Region (TRF-6) summoned CADE to execute its own determination. Nonetheless, the agency gave CSN an additional 60 days to present a sales plan — a deadline considered insufficient by Judge Mônica Sifuentes, who decided to personally summon the CADE councilors, warning them of the risk of individual liability for omission.
Why Next Week’s CADE Meeting Is Decisive
Next Wednesday (7), CADE will hold a meeting where it should finally deliberate on the case. The meeting occurs under intense institutional pressure: in addition to judicial summons, the Federal Public Ministry warned of possible disobedience crimes if the agency continues delaying compliance with the 2014 decision.
Internally, the scenario has also changed. President Alexandre Cordeiro has left the position, and senior councilor Gustavo Augusto has temporarily assumed leadership of CADE, which may influence the course of the case.
What Are the Impacts on the Market and the Steel Sector
The partial reduction of CSN’s stake does not fully resolve the legal impasse, but anticipates a shift in the balance of power among Usiminas’ shareholders. With the entry of the Batista family, room opens for new alliances and reconfigurations in the sector.
Furthermore, the episode exposes the discrepancy between judicial decisions, economic regulation, and corporate strategies. The actions of TRF-6 and the MPF press CADE to position itself more assertively, which could create jurisprudence for other similar cases of concentration and cross-shareholding among competitors.
Do you think CADE should force CSN to sell more shares of Usiminas? Does J&F’s entry change the game or complicate the scenario even further? Leave your analysis in the comments — we want to know how you perceive this movement.
Pressão inédita sobre a CSN, Irmãos Batista entrando no jogo, pode apostar todas as fichas que a família do 9 dedos está na jogada
Uma discussão à vésperas de decisões de tarifa e da exploração de materiais estratégicos. Será que já não tem a mão dos EUA?
Mão dos EUA envolvendo os irmãos Batista, que enriqueceram com a esquerda ****. Vc deve ser despreparado demais ou ignorante ao extremo. ACORDE inocente.
Irmãos Baptista na jogada,pode significar que tem gente política grande ,aumentando sua fonte de renda. Bando de ****.