# CSN cement division sale to Huaxin finalized

> Developing situation record from CLSTR: https://clstr.news/situations/csn-cement-division-sale-negotiations
> Updated: 2026-11-07T20:09:28.000Z. Sources: 19. Developments: 3.

Companhia Siderúrgica Nacional (CSN) initiated negotiations to sell its cement division for up to R$ 15 billion to strengthen cash flow and reduce its adjusted net debt, which stood at R$ 42.1 billion in the second quarter of 2026. Potential buyers included a consortium of Votorantim Cimentos and Italy’s Cementir, as well as the Chinese firm Huaxin Building Materials Group.

Following a competitive process that began in March, CSN signed a 10-day exclusivity agreement with Huaxin on October 30 to finalize the sale. The deal established an enterprise value of R$ 12.7 billion, including the unit’s existing debt. Huaxin was selected as the winning bidder over the Votorantim and Cementir consortium.

By early November, CSN signed the agreement to sell the division to Huaxin, a move expected to position the Chinese company as the second largest cement manufacturer in Brazil. The acquisition is a central component of CSN’s deleveraging strategy. To accelerate debt reduction, CSN is reportedly seeking to advance part of the proceeds through negotiations with financial institutions, with some funds potentially tied to existing financing arrangements with Morgan Stanley and Banco do Brasil.

Under the signed agreement, Huaxin will pay approximately R$ 9.03 billion for a 99.99% stake in CSN Cimentos. This transaction marks the first entry of a Chinese cement producer into the Brazilian market, granting Huaxin roughly 21% of the national market share. The completion of the deal remains subject to customary closing conditions, including antitrust approval from Cade, consent from Aneel, and applicable regulatory authorizations in China.

## Timeline

### 2026-11-07: CSN sells cement division to China's Huaxin for R$ 12.7 billion

CSN has agreed to sell its cement division to China's Huaxin for R$ 12.7 billion to reduce debt and strengthen its capital structure.

15 sources. https://clstr.news/cluster/csn-sells-cement-division-to-chinas-huaxin-for-r-127-billion

### 2026-10-30: CSN grants exclusivity to Huaxin for R$ 12.7 billion cement sale

CSN has granted China's Huaxin Building Materials Group exclusivity to negotiate the R$ 12.7 billion sale of CSN Cimentos.

5 sources. https://clstr.news/cluster/csn-grants-exclusivity-to-huaxin-for-r-127-billion-cement-sale

### 2026-10-19: CSN advances sale of cement division for up to R$ 15 billion

CSN is nearing a decision on a preferred buyer for its cement division in a deal worth up to R$ 15 billion, aimed at reducing debt. Huaxin Cement and a Votorantim-Cementir consortium are among the main bidders.

2 sources. https://clstr.news/cluster/csn-advances-sale-of-cement-division-for-up-to-r-15-billion

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Cite as: CSN cement division sale to Huaxin finalized. CLSTR, https://clstr.news/situations/csn-cement-division-sale-negotiations