CADE's opinion exempts CSN from a multimillion-dollar fine and could cause R$ 110 million in losses to the Federal Government.

247 - Companhia Siderúrgica Nacional (CSN) may avoid paying a fine of R$ 110 million if the opinion of the Superintendence of the Administrative Council for Economic Defense (Cade) prevails in a process involving the company's dispute with Ternium. This information was revealed by the column. Economic Radar, from Veja magazine (Read the full article here.).

According to the document, signed last week, the Superintendency considers that CSN should not be punished for the delay of more than 11 years in divesting its shares in Usiminas, a direct competitor in the sector. The ruling states that the delay "does not warrant the application of coercive measures," contradicting the understanding that non-compliance with the agreement signed in 2014 with CADE should result in a fine.

The case will still be analyzed by the Cade tribunal, which is responsible for making the final decision. If the technical opinion is confirmed, the federal government will fail to collect R$ 110 million, an amount that would be destined for public coffers as a penalty for the steel company's violation of the commitment made.

The agreement in question was established to prevent market concentration and preserve competition in the steel industry. At the time, CADE (Brazil's antitrust authority) demanded that CSN sell its stake in Usiminas.

The decision has generated concern among experts in economic law, who warn of the risk of CADE weakening its credibility by downplaying compliance with commitments made in competition defense proceedings. For the market, the outcome of the case could set a dangerous precedent and impact future negotiations with large business groups.