CSN still looking to acquire foreign cement assets

CSN still looking to acquire foreign cement assets
Published: 22 March 2010

Steel producer CSN remains on the lookout for foreign cement assets to acquire, particularly in Europe and the USA, following its failed takeover attempt for Portuguese cement producer Cimpor.
 
CSN had hoped to purchase at least one-third plus one share of Cimpor. The Portuguese cement maker, however, only tendered 57.6 M shares, or approximately 8.57% of the total. CSN’s bid for Cimpor was EUR 6.18/share, totalling EUR 4.15 bn.
 
Meanwhile, CSN revealed that it plans to build three cement facilities in Brazil. The construction of the new units is expected to require overall investments of US$600m. The company also plans to ramp up capacity at its cement facility at Volta Redonda in Rio de Janeiro state, Brazil. CSN’s 2.8Mta cement production capacity can eventually reach 4Mta.