Companhia Sidergica Nacional (CSN) signed this Friday (6) the contract for the sale of CSN Cimentos to the Chinese group Huaxin Building Materials Group. The deal values the cement company at around R$12.7 billion.
According to a document released by CSN on Saturday morning (7), the value corresponds to the enterprise value, that is, it includes the company's debts. The transaction was closed under the condition of selling CSN Cimentos shares directly to the Chinese group.
The operation was reported to the Securities and Exchange Commission (CVM) and provides for adjustments until the definitive closing of the agreement. According to the company, the price may undergo adjustments depending on CSN Cimentos' net debt and working capital on the closing date.
The total value is lower than the offers received in the competitive process that began in March this year. The winning proposal beat a consortium formed by Votorantim Cimentos and Cementir Holdings.
After the announcement, CSN shares rose 8.89% on B3. The movement reflects a positive expectation from investors regarding the reduction in debt expected with the transaction.
Since March 2026, when the competitive process began, at least three interested groups have submitted proposals for the steel company. Among them were the two aforementioned consortia and the Jereissati Group.
CSC Holding — the holding company that has a majority stake in CSN — was also involved in the negotiations. That month, a meeting between CSN executives and representatives of the consortium formed by Votorantim Cimentos and Cementir Holdings did not reach a satisfactory agreement.
The final decision favored the foreign candidate. This reinforces the growing trend of Chinese capital in the Brazilian cement production sector. according to analysts consulted by Valor Econômico.
The next step will be approval by the Defeitois Administrative Council (CADE) and the antitrust regulators of both countries. The expectation is that the procedures will be completed this month for the transaction to be finalized.
When asked about the strategic movement in the Brazilian steel sector in emerging markets such as Angola and Mozambique, CSN's financial director stated: “It is essential to allocate capital where it obtains the highest sustainable return”.
Investors also closely monitor regulatory changes that affect cross-border operations with agencies such as CADE and relevant international organizations. The conclusion must come before the 30th to end the most recent round of these bilateral negotiations.
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