Saudi Arabia to visit Brazil and Chile as seeks to diversify mining
The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.
Brazil steelmaker Companhia Siderúrgica Nacional (CSN) is looking again at the possibility of filing for an initial public offering (IPO) of its mining unit, CEO Benjamin Steinbruch said on Thursday.
The steelmaker shelved that plan years previously during Brazil’s worst economic recession on record, from which it is still recovering.
CSN Mining is the second largest exporter of iron ore in Brazil.
Announcing the IPO in an investor conference call, Steinbruch did not provide any additional details on the IPO plans.
The announcement comes as more than 20 Brazilian companies have filed for IPOs this year.
CSN added that it has not been impacted by a new coronavirus outbreak, and that Asian clients are still buying its iron ore.
Executives made the statements while discussing the company’s 2019 results, with CSN disclosing net income of $244 million in the fourth quarter, beating expectations.
(By Alberto Alerigi Jr; Editing by Chizu Nomiyama and Cynthia Osterman)
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