CSN seeks BRL 1 billion iron ore sale to cut debt

Friday, 08 March 2019 19:22:11 (GMT+3)   |   Sao Paulo

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) is seeking to secure future iron ore contracts as a way to reduce debt, local media O Valor said.

The media report said CSN, which owns CSN Mineração, Brazil’s second largest iron ore producer, hired Citibank to help it close a deal for the sale of iron ore in advance. CSN reportedly seeks a BRL 1 billion deal ($258.7 million), Valor reported.

CSN has already closed a similar deal with Glencore to provide 22 million mt of iron for five years in exchange for an advanced payment of $500 million.

USD = BRL 3.86 (March 8)

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