Brazilian steelmaker Companhia Siderurgica Nacional (CSN) will delay its proposed mining IPO for 2021, a media report from Valor said.
Valor first indicated CSN could delay the IPO due to current market conditions, however, market sources close to the matter said the steelmaker wouldn’t have enough time to make it happen this year.
CSN initially filed a request within Brazilian securities exchange commission, CVM, to launch the IPO in October this year, as previously reported by SteelOrbis.
CSN hoped it could offer stocks of its iron ore business by December.
The company is hopeful the IPO will raise as much as $1.5-1.9 billion.
Valor said CSN doesn’t intend to release a material fact to the market announcing the IPO delay.