CSN plans to increase Capex spending in 2021

Tuesday, 15 December 2020 09:27:17 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) plans to increase its Capex spending in 2021 by 75 percent, as compared to 2020. CSN said it should spend BRL 1.6 billion ($312.4 million) this year, and increase the amount to BRL 2.8 billion ($547.5 million) in 2021.

As for its iron ore business, the company plans to spend BRL 14 billion ($2.7 billion) in expansion works by 2025. In the steelmaking business, expansion investments are forecasted at BRL 6.1 billion ($1.1 billion) also by 2025.

A media report by MoneyTimes said CSN’s presentation to investors was less optimistic than usual, noting that CSN often makes optimistic projections that do not always materialize.

CSN said it expects steel sales volumes in 2021 to reach 5.2 million mt.

USD = BRL 5.12 (December 15)


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