Brazilian steelmaker Companhia Siderurgica Nacional (CSN) is reportedly looking to sell a minority stake at flats producer Usiminas by the first half (H1) of the year, according to a media report from Estadao.
Citing unnamed sources, the media report said CSN would sell the stock under a “block trade” transaction, in which a company sells shares through an auction at a stock exchange.
CSN’s creditors demanded the steelmaker exit Usiminas as a way to roll out the company’s existing debt.
CSN is yet to close a refinancing deal with state-owned bank Caixa Economica Federal, one of the company’s two creditors, along with state-run bank Banco do Brasil.