CSN looking for other cement opportunities

CSN looking for other cement opportunities
Published: 01 March 2010

Brazilian steelmaker CSN is looking at new opportunities in the global cement market after its takeover offer for Cimpor failed, investor relations executive director Paulo Penido told analysts during a conference call Friday.

"We’re not looking at anything specific at the moment. For now we’re going to focus on the organic growth of our business, but we are attentive to what is going on in the market," Penido said.

According to the executive, the price offered by competitors for stakes in Cimpor were not appropriate for CSN, which despite having enough cash and financing options to increase the offer, preferred to maintain its "financial discipline."

CSN’s offer for Cimpor was worth EUR4.15bn (US$5.65bn), or EUR6.18 per share, but only 57.6m shares, or roughly 8.57% of the total, were tendered. The steelmaker aimed to acquire at least one-third plus one share.