September 1, 2002
Crippled with foreign debts as the Brazilian real crashed, and facing an uncertain future in a consolidating global steel industry Rio de Janeiro's Companhia Siderúrgica Nacional (CSN) had no choice but to look for a knight in shining armor. Anglo-Dutch Corus came to the rescue in July, taking over CSN in a stock deal to form the fourth-largest steel group in the world. José Marcos Treiger, CSN's head of investor relations, says, "We are creating a company that will give Brazilian shareholders a prominent position in a new international company with liquid shares in an investment grade country."
The timing of the deal with Corus couldn't be better for CSN. It has $2.6 billion
Corus's acquisition of Brazilian steelmaker Companhia
Siderúrgica Nacional slashes the Latin American company's financing costs and folds it into an investment grade European competitor.