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CSN nearing sale of German unit - CEO

Steel News - Published on Tue, 14 May 2019

Image Source: SteelGuru
Reuters reported that Brazilian steelmaker Companhia Siderurgica Nacional said on Thursday it is still in talks for a SD 500 million iron ore streaming deal and is close to reaching an agreement to sell its German unit. CEO Mr Benjamin Steinbruch said that he is pushing for the right price to sell the German unit, which is key to hitting a debt reduction target by the end of the year.

Despite weaker first-quarter results, Steinbruch said CSN was sticking with a plan to cut its ratio of debt to earnings before interest, taxes, depreciation and amortization from four at the end of March to three in December and the sale of the German unit will help to achieve that goal. Mr Steinbruch said “Talks are advanced, but there is still no agreement on price. We'll sell if we reach the price we want."

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Posted By : Rabi Wangkhem on Tue, 14 May 2019
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