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CSN Seen Encountering Diversification Risk

Dec 22, 2009

CSN’s bid for Portuguese cement maker Cimpor could distract it from its core business, according to Fitch, which notes pressure on the Brazilian steelmaker’s investment grade rating. “Cement is a relatively new area of operations for CSN and could divert management's attention from its profitable steel and iron ore operations,” says the agency. “Absent equity...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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