Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced on December 30, Tuesday that it has completed the sale of a 40 percent stake in its Namisa mining unit to a consortium of Asian steelmakers.
The acquisition in question was made by Big Jump Energy Participacoes S.A. (Big Jump), a corporation whose shareholders are Japan's Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd, Kobe Steel Ltd, Nisshin Steel Co, Ltd, and South Korea's POSCO. Big Jump has purchased 40 percent of the voting rights and total capital stock of Namisa, a subsidiary of CSN, for the amount of approximately $3.08 billion, which was lower than the $3.12 billion announced in October 21, 2008.
"The difference between the transaction amount announced on the statement of material fact dated October 21, of $3.12 billion, and the amount actually paid by Big Jump is a result of balance sheet adjustments of Namisa, contractually established," CSN said.
Namisa aims to raise iron ore sales of 18 million mt in 2009, reaching 38 million mt in 2012. CSN retains 60 percent of Namisa's voting rights and total capital.