Brazil’s CSN contracts Citibank to assess options for ore unit

摘要

Brazilian integrated steelmaker CSN has confirmed contracting Citibank as a financial advisor to assess strategic options for its CSN Mineracao iron ore mining unit, a move that is part of its debtreduction initiative. “At the moment, any scenario elaboration on the outcome of this process is premature, and there is no fact that merits disclosure to the market under the terms of the legislation in force,” CSN said late Thursday. Its comments came after being questioned by Brazil’s Securities and Exchange Commission about a published report in local newspaper Valor Economico stating that the company hired Citibank to assess options for its iron ore operations, estimated at a value of more than $1 billion.