The board of Brazilian steelmaker Companhia Siderurgica Nacional (CSN) has approved the IPO of the company’s mining arm, CSN Mineração, as previously reported by SteelOrbis.
The board said the IPO aims to help CSN on undisclosed expansion projects. It should also relieve some of CSN’s debt.
Separately, CSN unveiled new Capex and EBITDA guidances. The company said it expects to reach an adjusted EBITDA of BRL 9.7 billion ($1.8 billion) by the closing of FY2020.
As for the ongoing financial year, CSN said it expects Capex to reach about BRL 1.5 billion ($277.7 million) in FY2020.