Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) will launch an initial public offering (IPO) of its mining division stock to fund a $6-billion expansion plan that will increase capacity to 108 million tonnes per year (tpy) by 2033, the company said on Monday September 21.
In addition to expanding the capacity of its CSN Minera????o subsidiary from 33 million tpy, mostly through brownfield projects, the company also expects to improve iron ore grades in the coming decade to 67% Fe content from 62% Fe in 2019.To fund these plans, whose capital expenditures are calculated at 31.3 billion Reais ($5.8 billion), and seeking financial deleverage, the company will pursue an IPO for the mining division....