CSN shifts cement sale talks under new CEO Schvartsman

Companhia Siderúrgica Nacional new CEO Fabio Schvartsman has taken over negotiations to sell subsidiary CSN Cimentos, according to market sources reported by EXAME Insight on September 30, 2026. China's Huaxin and a consortium formed by Brazil's Votorantim Cimentos and Italy's Cementir are in the final stage of bidding, with market participants expecting a deal by the end of 2026.

Schvartsman assumed the top executive role on September 3, 2026, after more than two decades under controlling shareholder Benjamin Steinbruch, who became chairman of the board. Market sources praised Schvartsman for bringing a more pragmatic and direct posture to talks, replacing Steinbruch's fluctuating positions and frequent revisions to deal terms.

The sale is a central pillar of CSN's deleveraging plan. At the end of the second quarter, the steelmaker carried BRL 42.1 billion in net debt, with leverage standing at 3.5 times net debt to Ebitda. Valuation remains the main hurdle: Steinbruch initially aimed for roughly BRL 15 billion before indicating about BRL 13 billion, while bids ranged between BRL 10 billion and BRL 11 billion.

CSN confirmed to Brazil's securities regulator CVM on August 10 that it had received binding offers for the full sale of the unit. On September 9, Cementir stated that a binding proposal submitted through subsidiary Aalborg Portland Holding alongside Votorantim Cimentos had expired without CSN's acceptance, leaving no binding commitment at that time.