SAO PAULO: Brazil's raised its stake in Usiminas in a further step to enter its rival steelmaker's controlling bloc.
CSN's holdings of Usiminas increased to 10.01 percent of voting stock and to 5.25 percent of non-voting stock, it said in a securities filing late on Wednesday.
Brazil's financial markets were closed on Thursday and on Friday for holidays.
The company said in March it had about 8.6 percent of Usiminas voting shares and around 5 percent of nonvoting shares at the end of the first quarter. Last week, CSN lifted its stake in Usiminas's voting shares to 9.45 percent.
"The company continues to weigh strategic alternatives related to its investment in Usiminas," CSN said in the filing.
It did not specify how it purchased additional shares neither its objective with the move.
CSN Chief Financial Officer Paulo Penido Marques had said on March 29 that CSN's immediate goal was to own 10 percent of Usiminas' voting shares, without elaborating.
The disclosure comes amid growing opposition among some industry players to CSN's aggressive expansion plans into steel and cement the latter thwarted by bitter rivals and Usiminas shareholders Votorantim and Camargo Correa in the past.
CSN hinted in March that it planned to enter Usiminas' controlling bloc, formed by Nippon Steel Camargo Correa, Votorantim, and Usiminas' employee pension fund.
By raising its voting stake in the company, CSN assures that it will be treated equally with majority shareholders in the event of a change of control in Usiminas.
Local media has reported that Gerdau was in talks to acquire a combined 13 percent stake that Votorantim and Camargo Correa have in Usiminas. Gerdau said the reports were unfounded.
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