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Itochu to buy stake in Brazil’s CSN’s iron ore unit for $769m

Reuters | November 6, 2024 | 2:25 pm Markets Asia Latin America Iron Ore 
Brazil's CSN expects to produce or buy up to 37kt of iron ore in 2021
Credit: Cia Siderurgica Nacional SA, via Creative Commons licence CC BY-SA 3.0.

Japan’s Itochu Corp said on Wednesday that it agreed with Brazil’s steel company Companhia Siderúrgica Nacional (CSN) to buy a 10.74% stake in CSN’s iron ore unit CSN Mineracao (CM) from CSN for about 4.42 billion real ($769 million).

CM is the leading iron ore producer and distributor in Brazil. This is an additional investment as Itochu has indirectly invested 7.15% in CM since 2008, the Japanese trading company said in a statement.

($1 = 5.7508 reais)

(By Yuka Obayashi; Editing by Kim Coghill)

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