DISTRESSED SELLERS
Debt, high rates push CSN's crown jewel into Chinese hands
Chinese capital bought a major cement producer. Photo: Clean Water
Steelmaker CSN has agreed to sell its cement unit to China's Huaxin Building Materials at an enterprise value of BRL 12.7 billion (USD 2.28 billion). CSN Cimentos is Brazil's second-largest cement maker, with seven kiln plants, six grinding units, 17 million tonnes of capacity a year, and about 21% of the market.
Huaxin will pay about…
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