Shareholders in Usinas Siderurgicas de Minas Gerais SA picked Elias Brito, the candidate endorsed by one of the Brazilian steelmaker's controlling partners, as chairman, replacing Paulo Penido Marques, two sources with direct knowledge of the decision said on Thursday.
At an assembly, shareholders in the company known as Usiminas raised the number of board seats to 11 from 10, and elected three independent members that were endorsed by minority shareholders Cia Siderurgica Nacional SA and Grupo BTG Pactual SA, the sources added.
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