March 5, 2020 / 6:52 PM / a month ago

Brazil steelmaker CSN revives plan for mining unit IPO

SAO PAULO (Reuters) - Brazil steelmaker Companhia Siderúrgica Nacional (CSNA3.SA) is looking again at the possibility of filing for an initial public offering 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.

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 1.13 billion reais ($244.00 million) in the fourth quarter, beating expectations.

Reporting by Alberto Alerigi Jr; Editing by Chizu Nomiyama and Cynthia Osterman

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