Brazil's Usiminas implements $320 mln reduction in unit's capital

SAO PAULO, May 12 (Reuters) - Brazil's Usinas Siderúrgicas de Minas Gerais SA implemented a 1 billion reais ($318.5 million) capital reduction in division Mineração Usiminas SA, or MUSA, the steelmaker said in a Friday securities filing.

Shareholders had approved the transaction on March 3. Usiminas, as the company is known, has been trying for months to tap excess cash from MUSA to comply with a debt refinancing accord with banks. The initiative was rejected in January by MUSA shareholder Sumitomo Corp. ($1 = 3.14 reais) (Reporting by Bruno Federowski; Editing by Chizu Nomiyama)