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3 clusters · 14 sources · 4 days · First seen · Last updated

CSN leadership transition and debt restructuring

Overview

Companhia Siderúrgica Nacional (CSN) has undergone a major leadership transition. Benjamin Steinbruch, who served as CEO for 24 years, is stepping down from the executive presidency to return to the role of Chairman of the Board of Directors. Fabio Schvartsman, the former president of Vale and Klabin, has been appointed as the new CEO, effective September 3, 2026.

This change marks the first time in decades that an outsider has been appointed to lead the company, which is controlled by the Steinbruch family. The transition occurs as CSN pursues a financial reorganization and deleveraging strategy to reduce its net debt, which reached R$ 42.13 billion in the second quarter. The company aims to reduce debt by an estimated R$ 18 billion to R$ 20 billion through significant asset divestments.

Under Schvartsman’s leadership, the company is expected to decide on the sale of two major assets in the coming days to address a leverage ratio of 3.49 times. The first involves the potential sale of CSN Cimentos for approximately R$ 11 billion, with the Chinese company Huaxin emerging as a frontrunner via a consortium of international banks, though Votorantim and Italy’s Cementir remain in competition. The second pending decision involves the sale of CSN’s steel operations in Germany, a move projected to generate R$ 1.5 billion in gains.

Market analysts, including BTG Pactual, have reacted positively to the appointment, noting that Schvartsman’s experience is “well-aligned with the market’s desire for improved capital allocation, leadership clarity, and investor confidence.”

Entities

Vale · Benjamin Steinbruch · CSN · Fabio Schvartsman · Companhia Siderúrgica Nacional

Timeline

  1. 5 days ago

    [BUSINESS] 2 sources
    CSN to sell cement and German steel assets to reduce debt

    CSN CEO Fabio Schwartzman is planning the sale of CSN Cimentos and German steel assets to reduce the company's R$ 42.1 billion debt.

  2. 6 days ago

    [BUSINESS] 2 sources
    CSN appoints Fabio Schvartsman as new CEO

    CSN has appointed former Vale president Fabio Schvartsman as CEO, replacing Benjamin Steinbruch, who moves to Chairman of the Board after 24 years leading the Brazilian steelmaker.

  3. 9 days ago

    [BUSINESS] 13 sources
    CSN replaces CEO Benjamin Steinbruch with Fabio Schvartsman

    CSN replaces long-time CEO Benjamin Steinbruch with Fabio Schvartsman, who takes over with a mission to reduce the company's R$ 42 billion debt through strategic asset sales and deleveraging.

Sources

brasil247.com · brasilemfolhas.com.br · braziljournal.com · folhadoaco.com.br · infomoney.com.br · inthemine.com.br · mobile.valor.com.br · moneytimes.com.br · neofeed.com.br · revistamineracao.com.br · riotimesonline.com · seudinheiro.com · spacemoney.com.br · veja.abril.com.br

This summary has been updated 1 time: see revision history