Votorantim, Huaxin Said to Be Interested in CSN Cimentos as CSN Nears Secured Loan

Overview

• CSN says the sale of a majority stake in CSN Cimentos is in a competitive, advanced phase with closing targeted by the third quarter of 2026.
• People familiar with the talks say Votorantim and China’s Huaxin are evaluating bids for the asset, with a transaction potentially reaching up to $3 billion and no assurance of a deal.
• CSN has hired Morgan Stanley to run the process and reports strong interest from Asian, European and Brazilian investors.
• Executives say they are close to signing a credit facility collateralized by the cement unit after a brief private-credit market setback, with press reports citing a $1.3–$1.5 billion size that the CFO did not confirm.
• The asset sales are aimed at reducing leverage after net debt rose to 3.47 times EBITDA, and CSN is also structuring a vehicle to divest energy and infrastructure stakes that would require Cade review.