Brazil’s largest integrated steel producer Companhia Siderúrgica Nacional (CSN) will be taking over Holcim’s Brazilian business for an enterprise value of $1.025bn. The world’s largest cement maker, Holcim has been making an effort to diversify away from its core cement and aggregates business to focus more on building technology with an emphasis on sustainability. As part of the deal, Holcim will sell its five integrated cement plants, four grinding stations, six aggregates sites and 19 ready-mix concrete facilities. CSN said that the deal adds 10.3mn tonnes per year to its capacity, which will take its total capacity to 16.3mn tonnes. This deal comes a few months after CSN’s cement unit bought smaller rival Elizabeth Cimentos for $218mn.
CSN’s 4.625% 2031s traded ~0.2 points lower to 103.73 yielding 4.16% currently.
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