September 26, 2016 / 3:37 PM / 2 years ago

Brazil's CSN in talks to sell ore unit stake to CBSteel -sources

SAO PAULO, Sept 26 (Reuters) - Cia Siderúrgica Nacional SA is considering selling part of the stake it has in Congonhas Minérios SA, Brazil’s No. 2 iron ore producer, to China Brazil Xinnenghuan International Investment Co, known as CBSteel, two people familiar with the deal said on Monday.

According to the people, CBSteel is interested in buying about 25 percent of Congonhas Minérios directly from CSN, as Brazil’s No. 2 listed flat steelmaker is known. CSN, which owns 88 percent of Congonhas Minérios, would keep control of the unit, the people said, adding that talks are taking place slowly and may not necessarily result in a deal.

A spokesman for CSN declined to comment on the report. Efforts to contact CBSteel’s media representatives in Brazil were unsuccessful. (Reporting by Guillermo Parra-Bernal; Additional reporting by Tatiana Bautzer in São Paulo; Editing by Phil Berlowitz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below