CSN abandons terminal asset sale, seeks partner for iron ore

Tuesday, 15 November 2016 23:15:20 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) has abandoned its efforts to sell the Sepetiba Tecon terminal, according to a media report from Estadao.
 
The media report said the company was close to reaching a deal to sell its Sepetiba Tecon terminal, but then stepped back in its decision and is no longer selling the asset.
 
The company’s CEO, Benjamin Steinbruch, reportedly told Bradesco, the bank overseeing the asset sale, that his company wasn’t selling the Sepetiba Tecon terminal anymore. Pressured by a net debt of about BRL 32 billion, the local steelmaker announced last year it could sell its Sepetiba Tecon terminal, as well as shares at Usiminas and MRS.
 
Recent increases in iron ore prices made Steinbruch believe the company could handle its debt profile without selling its assets. However, Steinbruch is said to still be looking for a 20-25 percent partner for its Congonhas Minerios iron ore business.
 
As previously reported by SteelOrbis, CBSteel has been named as a potential partner in the business.

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