Brazilian integrated steelmaker Companhia Siderurgica Nacional (CSN) is reportedly renegotiating its debt with creditors, mainly banks.
The company’s new CFO, Marcelo Cunha Ribeiro, appointed in September, is renegotiating CSN’s debt with Brazilian banks Banco do Brasil and Caixa Economica Federal, two of the steelmaker’s main creditors.
At the same time, CSN also plans to invest BRL 4 billion in the next 12 to 18 months.
In order to keep up investment plans and reduce debt, CSN has started to disinvest non-core assets, and seeks to raise revenues and eventually profits. Analysts quoted by Brazilian media this week said CSN has been succeeding in renegotiating its debt with Brazilian banks.
Banco do Brasil (BB) analysts said talks with banks are close to an end and should be released to the market by January 2018. CSN has some BRL 14 billion in debt, out of which BRL 4.4 billion is due in 2018, BRL 3 billion in 2019 and BRL 3 billion in 2020. Analysts report that CSN is likely to extend its debt.