CSN Mulls Severstal Assets Bid After Failed Deal AttemptsJuan Pablo Spinetto
Cia. Siderurgica Nacional SA, the third-largest Brazilian steelmaker, is in the race for assets from OAO Severstal in the U.S. a year after failing to acquire plants from ThyssenKrupp AG.
CSN, as the Sao Paulo-based company is known, is studying a bid as part of the sale process initiated by the Russian steelmaker controlled by billionaire Alexey Mordashov, it said in a regulatory filing today. The Brazilian company declined to give details or a valuation for the assets in an e-mailed reply to questions.
CSN, controlled by Brazil’s Steinbruch family, last year was a leading contender to buy two unprofitable steel mills in Alabama and Brazil’s Rio de Janeiro state from ThyssenKrupp. Germany’s largest steelmaker eventually agreed to sell the U.S. plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. for $1.55 billion, while retaining the Brazilian site.
Shares of CSN closed unchanged at 9.56 reais in Sao Paulo today. The stock has lost 34 percent this year.
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