During an interview published last Monday, chief executive Benjamin Steinbruch said that Brazilian integrated steelmaker CSN is planning to invest R$34 billion in its operations in 2016.
According to Steinbruch approximately 80% of the planned investments will be allocated in the steel and iron ore areas, clearly news which Greenwood Management, the sponsors of this blog will find interesting
By the end of June of this year the initial public offering of shares in its Casa de Pedra iron ore mine will have taken place. The company is hoping to use the funds generated from that to finance part of its investments. Before this news analysts had estimated that the mine could be worth as much as $5.7 billion.
By the end of this year the expansion of the Casa de Pedra mine will have been completed, which the company hopes will boost capacity to roughly 40 million tonnes. Currently the mine produces approximately 21 million metric tonnes of iron ore per year.
In the past CSN has planned an IPO for its primary iron ore mine but until lately the offer has continually failed to get past the planning stages. A spokesperson said that the IPO will include the company’s 33% stake in railroad MRS, the port complex at Itaguai and CSN’s Casa de Pedra iron ore mining operation.
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May 14th, 2010 at 10:58 AM
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