Brazil’s CSN to sell up to 11% of mining unit to Japan’s Itochu

Brazilian steelmaker CSN said on Wednesday that it has reached a non-binding agreement to sell a stake of up to 11% in its mining unit CSN Mineracao to Japan’s Itochu Corp.

The company said in a securities filing that its board of directors has approved Itochu’s non-binding offer, but that the conclusion of a potential transaction still depends on additional corporate and antitrust green light.