Usiminas Denies CEO Departure Rumors

An Usiminas official denied rumors that the company’s long-standing CEO Rinaldo Soares would be stepping down after a shareholder’s assembly in May. Contacted by LatinFinance, the official, who asked not to be named, dismissed the rumors as untrue, declining to comment further. A report in Brazilian paper Valor Wednesday speculates Soares will be replaced by Marco Antonio Castello Branco, an executive at the Brazilian subsidiary of French steelmaker Vallourec-Mannesmann.