Brazilian steelmaker Companhia Siderurgica Nacional (CSN) expects to reduce its net debt by nearly $2 billion (BRL 8 billion), a company executive told investors on Thursday.
CFO Marcelo Ribeiro said in a presentation to investors in São Paulo the company plans to reduce its net debt from BRL 27.6 billion ($6.7 billion) to BRL 20 billion ($4.89 billion) “in the short term,” a level the company considers “comfortable.”
CSN has been focusing on reducing its debt, while also disinvested from “non-core” assets.
Ribeiro said CSN raised BRL 5.2 billion ($1.2 billion) in the past 18 months by selling assets, including CSN LCC to Steel Dynamics for $490 million, and taking on long-term iron ore supply contracts, such as the 22 million mt, $500 million deal it signed with Glencore.
CSN said it also expects to sell other “minority” stakes at undisclosed mining assets, and a minority stake it has in flats producer Usiminas.