Brazilian court seizes $800,000 of CSN assets

Thursday, 11 July 2019 00:36:11 (GMT+3)   |   Sao Paulo
       

A Brazilian court in the state of Minas Gerais seized BRL 3 million ($800,000) from local iron ore producer CSN Mineração, the mining arm of Companhia Siderurgica Nacional (CSN).

CSN Mineração owns and operates the Casa de Pedra dam in Congonhas, Minas Gerais state, which may burst, the court said. The asset freeze is to pay rent for residents near the dam, which has been deactivated since February this year.

The risk of dam collapse has impacted about 3,000 people living near the area, the court document said. CSN has claimed the dam is safe. The steelmaker has 15 days to appeal the decision.

USD = BRL 3.75 (July 11)


Most Recent Related Articles

US beam imports down 48.9 percent in November

S. Africa's iron ore output down by 7.6 percent in Nov from Oct

Turkish mills manage to keep HRC prices stable for now

Turkish welded pipe prices stable, mood cautious

Export price increases for Brazilian rebar