CSN to spend US$20bn through 2016 – CEO
Brazil’s largest diversified steel group, plans to invest up to BRL34bn (US$20bn) through 2016 to grow in cement, energy, logistics and mining, chief executive Benjamin Steinbruch said in a newspaper interview published on Monday.
Valor Economico quoted Steinbruch as saying CSN’s aim is to have a market share of at least 20 per cent in each of those sectors within six years.
The group plans to sell shares in its iron ore division by July, before the Northern Hemisphere’s summer vacation season, Steinbruch said. CSN is considering alternative scenarios for the initial public offering of Casa de Pedra, as the unit is known, Valor said.
"We won’t do it at any price," Steinbruch noted, declining to give an estimate for the size of the transaction. Analysts calculate CSN could raise about $2 billion, while Valor said it could fetch about US$10bn.
Source: Reuters Published under Cement News
