Companhia Siderúrgica Nacional (CSN) announced on November 7, 2024, that Itochu will acquire a 10.74% stake in CSN Mineração S.A., CSN's iron ore producing subsidiary. The transaction is valued at $769 million, providing a significant capital infusion for CSN.
CSN Mineração is recognized as the second-highest iron ore producer in Brazil, having sold 43 million tonnes of iron ore in fiscal year 2023. This divestiture aligns with CSN's broader strategy of capital recycling and focusing on its core operations while reducing debt.
The sale of a minority stake is expected to bolster CSN's financial position, contributing to its ongoing deleveraging efforts. This move enhances the company's liquidity and supports its strategic objectives across its diversified business segments.
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