CSN to Seek Binding Bids for Cement Unit Within Weeks

Overview

• CSN said it will open the binding phase for offers for CSN Cimentos in a little more than one month.
• People familiar with the talks said proceeds could exceed R$10 billion, with interest from Votorantim, J&F, and Chinese groups Anhui Conch, Huaxin, and Sinoma.
• An anonymous source said J&F has discussed a possible R$10 billion bid for the asset.
• CFO Marco Rabello said closing could occur by year-end, subject to review by Cade, Brazil’s antitrust authority.
• CSN hired Morgan Stanley to advise on the sale as part of a broader plan to sell assets and reduce leverage.