{"id":93084,"date":"2025-02-24T21:22:56","date_gmt":"2025-02-25T00:22:56","guid":{"rendered":"https:\/\/murray.adv.br\/?p=93084"},"modified":"2025-02-24T21:23:00","modified_gmt":"2025-02-25T00:23:00","slug":"at-csn-mining-guarantees-groups-liquidity","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/at-csn-mining-guarantees-groups-liquidity\/","title":{"rendered":"At CSN, mining guarantees group\u2019s liquidity"},"content":{"rendered":"\n
Crisis in the steel market and disbursements for expansion put pressure on financial leverage<\/em><\/strong><\/h6>\n\n\n\n

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02\/24\/2025 <\/p>\n\n\n\n

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Steel, the largest business of Companhia Sider\u00fargica Nacional (CSN), is no longer the main guarantor of businessman Benjamin Steinbruch\u2019s group. Faced with adverse times for the sector globally and high investments in plant modernization, the group\u2019s steel arm has been consuming cash, while the iron ore arm, under CSN Minera\u00e7\u00e3o, has become the main source of immediate liquidity.<\/p>\n\n\n\n

At the end of the third quarter, of the approximately R$19.3 billion the group had in cash, R$14.5 billion was in the mining company. While steel generated 14% of EBITDA between January and September 2024, the latest data available, ore accounted for 56%.<\/p>\n\n\n\n

CSN Minera\u00e7\u00e3o (CMIN) has been used to meet the group\u2019s other commitments. In January, it signed a contract with the parent company (which houses the steel business) for the assignment of export receivables, with an estimated value of $1 billion for 2025. The funds will be used to amortize export prepayment contracts, advances on foreign exchange contracts or \u201csimilar CSN contracts\u201d.<\/p>\n\n\n\n

According to the statement, the contract provides for \u201cgovernance\u201d between the respective financial areas, \u201cto ensure that only the excess ballast that CMIN would not use is transferred to CSN\u201d.<\/p>\n\n\n\n

In a report at the end of January, BNP Paribas analyst Alexis Panton wrote that CSN seems to be facing \u201can increasingly complicated liquidity situation\u201d outside of mining. \u201cWe were not surprised by the operation, given CSN\u2019s short-term obligations and extremely high negative cash flow outside CMIN,\u201d he pointed out.<\/p>\n\n\n\n

At the end of September, the analyst added, the parent company had short-term obligations of around $3 billion, including debt, leasing, accounts payable, financing to suppliers and prepayments, also without considering CSN Minera\u00e7\u00e3o.<\/p>\n\n\n\n

The weakness of the steel industry, especially from the second half of 2022 onwards\u2014when competition conditions in the global market became more difficult with the oversupply of cheap Chinese steel\u2014and CSN\u2019s high disbursements to diversify its business put pressure on debt.<\/p>\n\n\n\n

The goal was to end 2024 with leverage measured by the ratio of net debt to EBITDA of 2.5 times. At the end of last year, however, CSN revised the target and is now looking to reach 3 times by the end of 2025. In September, this ratio stood at 3.34 times. With more cash than debt, CMIN had negative leverage.<\/p>\n\n\n\n

About ten days ago, Moody\u2019s cut CSN\u2019s credit rating to \u201cBa2\u201d from \u201cBa3\u201d, raising the outlook from negative to stable, because of concerns about the group\u2019s leverage trajectory over the next 12 months\u2014for the period, the outlook for steel and ore is not positive.<\/p>\n\n\n\n

\u201cWe had already changed the rating outlook to negative in September, but our premise was that leverage would be maintained, but CSN has released some news in recent months that has led to this reassessment,\u201d Carolina Chimenti, a senior analyst at Moody\u2019s, told Valor.<\/p>\n\n\n\n

In recent years, the group has spent billions of reais acquiring assets. In cement, it bought Cimentos Elizabeth and LafargeHolcim in Brazil. In energy, it took CEEE Gera\u00e7\u00e3o and, in logistics, the most recent operation was the proposal of R$742.5 million for 70% of the owner of Tora Transportes.<\/p>\n\n\n\n

These expenditures, combined with the worsening results in the steel industry, have led analysts to adopt a more cautious stance on CSN\u2019s shares and there are fears about the leverage commitments assumed in debt contracts.<\/p>\n\n\n\n

In an extrapolation, without considering the EBITDA generated by the mining company, the BNP Paribas analyst arrived at indexes that would breach debt clauses agreed with creditors. But the bank\u2019s calculation, according to a source close to the company, is inappropriate, because it considered holding debts (also for investment in all subsidiaries) and excluded the mining business from the EBITDA used to estimate these ratios.<\/p>\n\n\n\n

Ms. Chimenti, with Moody\u2019s, highlighted the acquisition of the parent company of Tora Transportes, as well as the investment plan announced by the group at the end of last year, as factors that influenced the credit rating downgrade. The agency believes that CSN\u2019s leverage will remain between 4.5 and 5 times next year.<\/p>\n\n\n\n

\u201cCSN has debt maturity covenants, the lowest of which is 4.5 times [1.1 times above the leverage in September]. We are calm about the trend towards reducing the company\u2019s leverage,\u201d the group\u2019s financial and investor relations director, Marco Rabello, told Valor.<\/p>\n\n\n\n

According to the executive, the target announced at the end of last year is to be below three times by the end of 2025. However, in the medium and long term, the plan is to seek \u201cmuch lower\u201d leverage.<\/p>\n\n\n\n

\u201cOne of CSN\u2019s great advantages is its asset portfolio, which is less valued than it could be and which opens up space for future strategic liquidity actions. An example of this is the Infrastructure and Logistics vehicle, which we discussed at our CSN Day,\u201d he added.<\/p>\n\n\n\n

As well as the plans already announced for CEEE (to look for a minority partner) and for CMIN (to go public and bring in a minority partner), CSN still has 100% of two businesses, Cimentos and CSN Infra, which could follow the same path, including a potential public offering of shares.<\/p>\n\n\n\n

In addition, given the strong consolidated cash position, which did not yet take into account the R$4.4 billion from the sale of the mining company\u2019s 10.7% stake to Itochu Corporation at the end of last year, the group could use part of these resources to exchange more expensive debts and lengthen its indebtedness over the course of 2025.<\/p>\n\n\n\n

In Moody\u2019s assessment, CSN\u2019s high cash position and longer debt amortization profile ease the group\u2019s situation. \u201cThe company doesn\u2019t have a history of making structural changes to its debt, but at the current rating, it doesn\u2019t bother us.\u201d<\/p>\n\n\n\n

Ms.Chimenti draws attention to the fact that much of the liquidity is concentrated in CSN Minera\u00e7\u00e3o. \u201cWe would like to see this leverage more equalized between the subsidiaries,\u201d he said. From a risk point of view, it would be better for the holding company not to depend so much on dividends from CSN Minera\u00e7\u00e3o.<\/p>\n\n\n\n

Other companies in the steel sector, such as Gerdau and Usiminas, have carried out deeper restructuring of their debts since the sector\u2019s last crisis, between 2015 and 2016, while CSN has reduced leverage through operational growth, Ms. Chimenti recalled. \u201cToday, CSN has the lowest rating among the three.\u201d<\/p>\n\n\n\n

For Moody\u2019s, the new stable outlook of the \u201cBa2\u201d rating indicates the expectation that CSN will maintain a trajectory of reducing leverage to below 3 times and a cash position of around R$15 billion. \u201cThese targets increase the visibility of the company\u2019s ability to maintain robust credit metrics,\u201d the agency noted.<\/p>\n\n\n\n

The other two main rating agencies, Fitch Ratings and S&P Global Ratings, have a \u201cBB\u201d global credit rating for CSN, which is equivalent to Moody\u2019s \u201cBa2\u201d rating. The former has a stable outlook, while S&P changed its from stable to negative last August.<\/p>\n\n\n\n

Bank analysts who follow CSN and CSN Minera\u00e7\u00e3o shares are also wary of the companies. Valor has learned that nine major institutions cover CSN shares, while another 12 cover CSN Minera\u00e7\u00e3o. All the banks that cover CSN also cover CSN Minera\u00e7\u00e3o, however, three \u2014BTG Pactual, Jefferies and Morgan Stanley\u2014only cover the mining unit\u2019s shares.<\/p>\n\n\n\n

Of the nine institutions that cover CSN, seven have a neutral recommendation and two have a sell recommendation, with an average target price for the shares of R$11.90, a potential increase of 35% over Thursday\u2019s close (20). In the case of CSN Minera\u00e7\u00e3o, there is one buy recommendation, seven neutral and four sell, with an average target price of R$5.60, a potential rise of 4.5%.<\/p>\n\n\n\n

J.P. Morgan, the last bank to make changes to its estimates for the companies, noted that CSN\u2019s results should continue to be pressured by lower steel prices amid the intense volume of imports from China. Analysts Rodolfo Angele and Thatiane Martins Candini wrote in a report that CSN Minera\u00e7\u00e3o\u2019s shares have \u201cstretched multiples\u201d, i.e. they are overvalued in relation to the company\u2019s financial indicators. The bank recommends selling the stock because it believes there are \u201cmore attractive names\u201d in the sector in Latin America, such as Vale.<\/p>\n\n\n\n

Mr. Rabello said that the company has already signaled a potential improvement in the steel industry\u2019s performance following recent investments in Volta Redonda (Rio de Janeiro state). \u201cAs we\u2019ve said before, the improvement in the operational and commercial scenario in ore, cement and steel, which will benefit from the investments made in Volta Redonda, will help with deleveraging,\u201d he said, without providing additional information on the potential sale of the group\u2019s assets or restructuring of liabilities.<\/p>\n\n\n\n

CSN is also counting on the potential receipt of R$3.1 billion from rival Ternium, related to the Italian-Argentine company\u2019s entry into Usiminas\u2019 capital, to strengthen its liquidity position. CSN, which owns 12.9% of the steel company in Minas Gerais, argues that there was an exchange of control when Ternium bought the initial 27.7% of the voting capital of the steel company in Minas Gerais\u2014which belonged to Votorantim and Camargo Corr\u00eaa and to the Usiminas Employees\u2019 Fund\u2014and has been seeking compensation in court for over ten years.<\/p>\n\n\n\n

Until the middle of last year, Ternium had won every round of the dispute. In June, however, the Superior Court of Justice changed the course of the case by deciding to pay compensation to CSN. In December, the 3rd Panel of the court upheld the decision, but reduced the amount to R$3.1 billion from R$5 billion.<\/p>\n\n\n\n

The Italian-Argentine group warned that it would appeal, and everything indicates that the case will reach the Supreme Court, in a battle that could take even longer. Along with its third-quarter results, Ternium reported that it had reversed $404 million of the provision relating to the litigation, given the decision of the 3rd Panel of the STJ.<\/p>\n\n\n\n

*By\u00a0Stella Fontes\u00a0e\u00a0Felipe Laurence\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":"

Crisis in the steel market and disbursements for expansion put pressure on financial leverage 02\/24\/2025 Steel, the largest business of Companhia Sider\u00fargica Nacional (CSN), is no longer the main guarantor of businessman Benjamin Steinbruch\u2019s group. Faced with adverse times for the sector globally and high investments in plant modernization, the group\u2019s steel arm has been […]<\/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":[25902,25904,11949],"class_list":["post-93084","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-at-csn","tag-guarantees-groups-liquidity","tag-mining"],"yoast_head":"\nAt CSN, mining guarantees group\u2019s liquidity - 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\/at-csn-mining-guarantees-groups-liquidity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"At CSN, mining guarantees group\u2019s liquidity - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Crisis in the steel market and disbursements for expansion put pressure on financial leverage 02\/24\/2025 Steel, the largest business of Companhia Sider\u00fargica Nacional (CSN), is no longer the main guarantor of businessman Benjamin Steinbruch\u2019s group. 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