Brazilian steelmaker and iron ore producer Companhia Sider??rgica Nacional (CSN) has signed a new agreement with Glencore to supply 4 million tonnes of iron ore over five years with a $115 million pre-payment, the company said on Thursday July 16.
This marks the third time CSN and Glencore have agreed terms for iron ore supply pre-payments since February 2019. The Brazilian company has sought such instruments to alleviate its heavy debt position, in parallel with divestments and better terms for new financing deals.The first agreement between CSN and Glencore - worth $500 million and involving 22 million tonnes of iron ore - was reached on February 20, 2019, while the second one was signed on July 12,...