Usiminas board on Friday approved a 1 billion real ($279 million) capital increase proposed by Japan's Nippon Steel & Sumitomo Metals Corporation , according to one source with direct knowledge of the matter.
Three board members representing the other major Usiminas shareholder, Italian-Argentinian group Techint, voted against the proposal, said the same source, who requested anonymity because he was not authorized to speak publicly on the matter.
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