Brazil’s Companhia Siderúrgica Nacional (CSN) is reportedly considering the sale of its cement division for up to US$3bn with potential interest from Votorantim Cimentos and Huaxin Cement.
Reports suggest that CSN has engaged Morgan Stanley to assess the feasibility of a potential transaction. The process remains at an early stage and may not ultimately result in a sale.
The move forms part of a broader strategy by the Brazilian steel and mining group to strengthen its balance sheet and raise capital. CSN has also appointed advisers to explore the sale of stakes in its infrastructure and logistics businesses alongside its cement operations. The company is aiming to complete potential transactions in the third quarter, raising between BRL15bn (US$2.87bn) and BRL18bn.
CSN previously indicated that it could use its shareholding in the cement business as collateral for financing. Speaking at an investor conference, chief financial officer Marco Rabello said the company was considering securing a loan of between US$1.3bn and US$1.5bn using the cement unit as backing.
The possible divestment comes amid continued financial pressure at the group. CSN reported a net loss of BRL1.507bn for the 2025 financial year, slightly narrower than the loss recorded in 2024. However, revenue increased by 2.5 per cent YoY to BRL44.8bn.
In 4Q25, the company recorded a net loss of BRL721.2m, compared with a profit of BRL76.4m in the previous quarter. Quarterly revenue declined by 3.3 per cent to BRL11.4bn.
CSN’s net debt reached BRL41.2bn at the end of the fiscal year, representing a 15.4 per cent increase YoY and a 9.8 per cent rise compared with the end of the third quarter.
