Posted on 25 Aug 2023
Brazilian steelmaker CSN is interested in expanding its activities in the North American market, although it will not bid to acquire US Steel. So said the steelmakers’ executive chief Benjamin Steinbruch during the Santander Brazil 24th annual conference, monitored by Kallanish.
“We are not interested in US Steel. It is too big a target. We are committed to reducing our leverage,” Steinbruch commented. "Our goal is to diversify the business in the United States with smaller acquisitions."
The United States is currently an important destination for CSN's steel exports, but these have been limited by the capacity of the company's steel plant in Volta Redonda, mainly serving the domestic market, and by limiting measures for exports to the North American country adopted by the administration of former President Donald Trump in 2018, the ceo observes.
Amid growing concerns about China's economic health and Brazil’s high level of steel imports from this country, Steinbruch pointed out that the “Asian market should continue its high demand for Brazilian raw materials. With China, it is difficult to compete. It doesn't make sense for us to sell ore to China so that they can later become the main steel exporter for Brazil," the executive concludes.
During the forum, Steinbruch emphasized the position of local steelmakers association Instituto Aço Brasil (IAB) that the Brazilian government must take urgent measures to protect the steel industry.
Source:Kallanish
