(Adds details on sale of can maker, other plans in paragraphs 1-7)
By Tatiana Bautzer and Guillermo Parra-Bernal
SAO PAULO, Aug 16 (Reuters) - Cia Siderúrgica Nacional SA will announce the sale of a tinplate can producing unit, a person briefed on the situation said on Tuesday, as part of a broader effort to build up funds and cut debt at Brazil’s No. 2 listed flat steelmaker.
According to the person, who requested anonymity to discuss the transaction, the sale of Fortaleza, Brazil-based Metalic Nordeste SA is expected to fetch around 100 million reais ($32 million) for the steelmaker known as CSN. The buyer is a Poland-based can producer, the person added, declining to unveil the name of the company.
Earlier on Tuesday, CSN Chief Financial Officer David Salama told investors on a conference call that the steelmaker would announce an asset sale within the next 10 days. The media office of CSN did not comment further on the sale.
Last year, when a sharp decline in the currency and a recession stoked debt-servicing costs at CSN, Chief Executive Officer Benjamin Steinbruch promised to sell assets and refinance looming obligations to protect cash. Steinbruch also said on the call that CSN was working on the sale of a “core asset” to strengthen capital, without elaborating.
Shares in CSN slumped 3 percent to 10.82 reais on Tuesday after posting a second-quarter loss of 43 million reais that missed consensus forecast of a profit. CSN has lost money in four of the past five quarters.
Founded in 1996, Metalic supplies steel cans for the beverage industry, mainly in Brazil’s north and northeastern regions, and has a 4 percent national market share, according to the company’s website.
Reuters reported in April that CSN was in advanced talks to sell terminal operator Sepetiba Tecon SA.
Bidders include PSA International Pte Ltd, CMA GGM SA’s Terminal Link and Grupo Multiterminais SA, another person with direct knowledge of the process told Reuters on Tuesday.
$1 = 3.1776 Brazilian reais Additional reporting by Alberto Alerigi in São Paulo; Editing by G Crosse and Alan Crosby