CSN wraps up sale of 40% iron ore unit stake

Dec 31, 2008 | 11:14 AM | Mick Bowen

Brazilian steelmaker Cia. Siderúrgica Nacional (CSN) has closed the sale of 40 percent of iron subsidiary Namisa Iron Ore Mines to consortium Big Jump Energy Participaçoes SA for $3.08 billion, the Rio de Janeiro-based company said in a statement.

The consortium, made up of seven Japanese and South Korean steel companies, will put roughly $3.04 billion toward a capital increase through the issue of new shares in Namisa, CSN said. Japan's Itochu Corp., JFE Steel Corp., Nippon Steel Corp., Sumitomo Metal Industries Ltd., Kobe Steel Ltd., Nisshin Steel Co.....

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