Brazil's CSN to kick off binding phase of cement unit sale in a month
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Brazilian steelmaker CSN will begin receiving binding offers for its cement unit in over a month, as confirmed by CFO Marco Rabello. The sale could exceed 10 billion reais ($2 billion), with interest from local and international buyers, including Votorantim and J&F S.A., as well as Chinese firms like Anhui Conch Cement and Huaxin Cement. CSN is divesting assets to reduce debt, and the sale's completion is expected by year-end, pending regulatory approval. Morgan Stanley, Bradesco, and Citibank are advising on the sale process.
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