{"id":90514,"date":"2024-08-14T12:16:23","date_gmt":"2024-08-14T15:16:23","guid":{"rendered":"https:\/\/murray.adv.br\/?p=90514"},"modified":"2024-08-14T12:16:25","modified_gmt":"2024-08-14T15:16:25","slug":"csn-to-sell-shares-in-competitor-but-does-not-set-deadline","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/csn-to-sell-shares-in-competitor-but-does-not-set-deadline\/","title":{"rendered":"CSN to sell shares in competitor, but does not set deadline"},"content":{"rendered":"\n
Company seeks partner for energy business, plans to divest assets to reduce leverage ratio<\/em><\/strong><\/h6>\n\n\n\n

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<\/p>\n\n\n\n

08\/14\/2024<\/p>\n\n\n\n

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\n
\"Benjamin<\/figure>\n<\/div>\n\n\n

Benjamin Steinbruch \u2014 Foto: Rogerio Vieira\/Valor<\/em><\/p>\n\n\n\n

CSN<\/strong>, the Brazilian steelmaker that holds a 12.9% stake in Usiminas<\/strong>, reiterated on Tuesday (13) that it will comply with the determination of the Administrative Council for Economic Defense (CADE)<\/a>, and more recently from the courts, to reduce its position in the competitor. However, the company still does not indicate a timeline for this move, which is defined in a process that is under confidentiality.<\/p>\n\n\n\n

\u201cThe sale of the shares is still within the deadline set by the courts. CSN is observing the ideal moment to make this monetization and discussing, internally and with the authorities, the best way to do this,\u201d the company\u2019s chief financial and investor relations officer, Marco Rabello, told analysts.<\/p>\n\n\n\n

The CADE determined in 2014 that CSN reduce its stake in Usiminas to less than 5%. Since then, the deadline for the operation has been reviewed twice, the last time in 2022. Less than a month ago, the courts ordered the sale of the shares again, and Usiminas indicated that CSN had failed to meet the legal deadline.<\/p>\n\n\n\n

The timing is not ideal for this type of operation, as Usiminas shares have dropped more than 30% this year. However, divestment would help CSN reduce financial leverage at a time of high investments. Interest in acquiring assets from InterCement<\/strong> has been hindered precisely by this point, while CSN seeks alternatives to reduce its indebtedness.<\/p>\n\n\n\n

In negotiations to bring a partner into the energy segment, Benjamin Steinbruch<\/strong>\u2019s company is also negotiating the sale of a minority stake in mining. The floods in Rio Grande do Sul\u2014CSN owns power generation company CEEE-G<\/strong> in the state\u2014and the volatility of iron ore prices have prolonged the discussions, but the ambition is to close the deal by 2024.<\/p>\n\n\n\n

In addition to the commitment to deleverage, another major challenge is the internationalization of the business, according to Mr. Steinbruch. \u201cInternationalization is our biggest challenge, buying assets outside of Brazil. We are working hard on this,\u201d said the CEO and chairman. CSN is particularly interested in steel assets in the United States and Europe.<\/p>\n\n\n\n

According to the businessman, specifically in the steel business, there will still be a few quarters of efforts to reduce costs and modernization, although results have already begun to appear. \u201cThis was the first quarter after many where we showed a reaction [in steelmaking],\u201d said Mr. Steinbruch.<\/p>\n\n\n\n

In mining, the advances are more noticeable. \u201cWe are working with good future prospects. We are on the rise and will continue this way,\u201d he said. In cement, production has already approached nominal capacity, with cost reductions, and the challenge is to \u201cproduce at full capacity.\u201d Mr. Steinbruch also highlighted the growing contribution that the logistics business has brought to the results. \u201cWe are certain that infrastructure and logistics will be very valuable in Brazil soon.\u201d<\/p>\n\n\n\n

CSN\u2019s results in the second quarter came in above expectations, particularly in mining. Net revenue rose 12% compared to the first quarter, reaching R$10.9 billion, while adjusted EBITDA jumped 35% to R$2.6 billion. On the bottom line, the company incurred a loss of R$222.6 million, reflecting the negative impact of the weakened real on foreign currency debt.<\/p>\n\n\n\n

*Por Stella Fontes\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Company seeks partner for energy business, plans to divest assets to reduce leverage ratio 08\/14\/2024 Benjamin Steinbruch \u2014 Foto: Rogerio Vieira\/Valor CSN, the Brazilian steelmaker that holds a 12.9% stake in Usiminas, reiterated on Tuesday (13) that it will comply with the determination of the Administrative Council for Economic Defense (CADE), and more recently from the courts, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[15719,25374],"class_list":["post-90514","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-csn-2","tag-sell-shares-in-competitor"],"yoast_head":"\nCSN to sell shares in competitor, but does not set deadline - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/csn-to-sell-shares-in-competitor-but-does-not-set-deadline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSN to sell shares in competitor, but does not set deadline - 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