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CSN sets up energy investments

CSN sets up energy investments

August 2, 2022 | Thierry Ogier
Brazilian steelmaker could spend $596 mln after winning an auction for CEEE-G in Rio Grande do Sul

Corporate & Sovereign Strategy Equity M&A Brazil Electricity ESG Renewable Energy Hydro

Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) is expected to invest BRL3.1 billion ($596 million) in energy assets after winning the privatization auction of Rio Grande do Sul electricity generation company CEEE-G on Friday, analysts at Bank of America said in a report. Companhia Florestal do Brasil (CFB), a CSN subsidiary, won the bidding for 66.2% of CEEE-G with an offer for BRL928 million, equal to a premium of 10.9% over the minimum asking price. CSN could now spend another BRL1.

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