Brazils CSN scouting for new acquisitions
Brazils Companhia Siderugica Nacional (CSN) has expressed interest in buying mid-sized steel companies in
Europe.
Though the Brazilian steelmaker has no plans to make any immediate purchases, it has been eyeing companies like Voestalpine in
Austria, Riva Group in
Italy, and
Germanys Salzgitter. CSN has made no indication as to when it would make any acquisitions, only that it would wait for the right opportunity.
In related news, Wall Street investment firm Bear Stearns upgraded CSNs stock recommendation from underperform to peer perform. Bear Stearns indicated that the CSN is more defensive than most global steelmakers during this uncertain period for steel equities, adding that it still sees better opportunities for investors wanting to purchase steel stocks.
CSNs first quarter profit more than doubled on rising steel prices and increased demand from Brazilian customers in the automobile,
construction, and beverage industries.