CSN and Fibra bank plan to buy steelmaker under bankruptcy protection

Thursday, 13 September 2018 00:05:08 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) and Banco Fibra plan to buy local steelmaker Axis Industria e Produtos Siderurgicos, according to a document filing on Wednesday.

Both CSN and Banco Fibra are creditors at Axis, which is under bankruptcy protection and will be sold under an auction for an undisclosed price. CSN and Banco Fibra own BRL 34.2 million in debt at Axis, and they might reportedly use the debt as a “credit” to buy Axis’ Valença mill.

If successful, the CSN acquisition would be subject to the approval of local anti-trust authority Cade. CSN declined to comment.


Similar articles

Brazil’s CSN not to bid for US Steel, though interested in expanding to North America

25 Aug | Steel News

Brazil approves ArcelorMittal’s acquisition of CSP for $2.2 billion

12 Jan | Steel News

Usiminas “fights back” and asks for lower CSN stake

21 Sep | Steel News

Cade allows CSN’s limited stake in Usiminas

16 Sep | Steel News

CSN buys state-owned electric energy producer

01 Aug | Steel News

CSN confirms interest in acquiring Samarco

24 Jun | Steel News

CSN to acquire local steel can producer

29 Nov | Steel News

Glencore buys $250 million in stock from CSN’s iron ore business

16 Feb | Steel News

CSN considers selling small stake at Casa de Pedra

28 Oct | Steel News

Brazil’s CSN expects to sell German mill this year

09 Apr | Steel News