CSN grants exclusivity to Huaxin for R$ 12.7 billion cement sale

Companhia Siderúrgica Nacional (CSN) has signed a 10-day exclusivity agreement with China-based Huaxin Building Materials Group to finalize the sale of CSN Cimentos. The deal establishes an enterprise value of R$ 12.7 billion, which includes the cement unit's existing debt.

Huaxin emerged as the winning bidder in a competitive process that began in March, surpassing a consortium composed of Votorantim Cimentos and Italy's Cementir. While the Chinese firm's proposal was deemed the most advantageous, the final amount of cash entering CSN's coffers will depend on the definitive terms of the transaction.

The sale is a strategic move by CSN to reorganize its business operations and reduce corporate debt. CSN aims to sign definitive documents within days, though the completion of the deal may still be subject to regulatory approvals.