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.