Glencore buys $250 million in stock from CSN’s iron ore business

Tuesday, 16 February 2021 00:32:23 (GMT+3)   |   Sao Paulo

Glencore purchased a significant amount in stocks from Brazilian steelmaker Companhia Siderurgica Nacional’s (CSN) iron ore business, according to media reports.

CSN launched an IPO for its iron ore business, raising BRL 5.2 billion ($968.2 million). Glencore alone bought about $250 million or BRL 1.2 billion in stocks from CSN Mineração, accounting for 25 percent of CSN Mineração’s IPO.

As a result of Glencore’s stock acquisition, the company will now own 3 percent of CSN Mineração. CSN Mineração was valued at BRL 47.5 billion ($8.8 billion).

USD = BRL 5.37 (February 16)

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