CSN revives mining unit IPO to cut debt

CSN revives mining unit IPO to cut debt

IPO M&A Debt Bonds Capital Markets Brazil

Brazil steelmaker Companhia Siderúrgica Naciona (CSN) has resurrected plans to spin off its mining division through an initial public offering (IPO) as part of its efforts to lower debt to BRL20 billion ($4.32 billion) in the next two years. "We are working on the IPO for mining, which is to say we are working on all sources to get to the BRL20 billion of net debt for the company as fast of possible, but of course the coronavirus will delay our intentions somewhat," CFO Marcelo Cunha Ribeiro sai

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