Italian export credit agency SACE announced the granting of a $350 million credit loan to Brazil’s CSN group, destined to increase the production capacity of CSN Mineracao, its iron ore mining business.
The proceeds of the loan will be used by CSN to buy Italian equipment, involving an estimated 453 Italian companies, chiefly small and medium sized companies, helping CSN Mineracao with its five-year expansion plan.
This provides for the construction of a new production site in the city of Congonhas, in the southeastern state of Minas Gerais, of industrial expansion projects for existing production plants, and the implementation of technology to increase the iron contents of the ore, which will increase the value of the iron ore exported to Italy.
Under the coordination of SACE, the credit loan was obtained from a pool of banks, including BNP Paribas, Credit Agricole, Natixis and Societe Generale.