Brazilian steelmaker Compania Siderurgica Nacional (CSN) expects to conclude a BRL 4 billion asset sale by the second half of the year (H2), out of which BRL 2 billion by next month, the company’s CEO, Benjamin Steinbruch, said this week during a Q1 conference call with analysts.
The BRL 4 billion asset sale includes the purchase of Indiana flat roll mill CSN Heartland by Steel Dynamics for $400 million, as SteelOrbis reported yesterday.
Steinbruch said the company has received a number of offers in the past few years, however, the Brazilian steelmaker did not take a deal due to offer prices being too low for the assets. The asset sale is aimed at helping CSN reduce debt.
Among the assets CSN may sell are the company’s shares at flats producer Usiminas, a port terminal in Brazil, a Portugal-based mill called Lusosider, and iron ore assets.