By Brazil Stock Guide – Companhia Siderúrgica Nacional (B3: CSNA3) has lost another round in its long dispute with IRB Brasil (B3: IRBR3) after a São Paulo court rejected its bid to annul a 2013 settlement worth US$167 million and demand another US$600 million in damages.
The case — under judicial seal and revealed by Folha de S.Paulo — stems from a conveyor-system collapse at CSN’s Tecar terminal in Sepetiba Port, Rio de Janeiro. CSN alleged it signed the deal under “economic pressure” and claimed IRB defamed the company abroad.
Justice Maria do Carmo Honório dismissed the allegations, saying there was no proof of coercion or defamation. IRB said the ruling confirms earlier decisions and that its liability was limited to the reinsurance contract with SulAmérica.
The decades-old dispute dates back to IRB’s former monopoly era and continues to cloud relations between two of Brazil’s most traditional listed firms.
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