With comfortable financial situation in comparison to steel, a large quantity of manufacturers and the ambition of becoming the fourth largest iron miner of world until 2013, the Companhia Siderurgica Nacional (CSN), of the business man Benjamin Steinbruch, give its first step to become international in the mining sector. Yesterday, the company informed that has acquired 14,99% of the Australian company Riversdale Mining Ltd., a producer of mineral coal with active in Southern Africa and Mozambique.
According to press communication to the market, CSN acquired 28.750.598 shares and paid US$ 5,57 for Riversdale’s Paper, which is listed in Australia’s Stock exchange. In other words, it means the payment of US$ 160 million. Now, the Brazilian metallurgical pleads relative government approval for foreign investment to acquire 1,3% more (2.482.729 shares), totalizing 16,3% of miner’s capital.
This business represents CSN’s entrance in the coal market, which is an attitude that Vale took some years ago and nowadays develops a great mine (Moatize) in Mozambique, besides operations in Australia.
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According to Link Investimentos, if CSN achieve the purchase of 16,3%, the company is going to pay the equivalent of US$ 175,5 million, with a prize of 6,6% on the quotation of US$ 5,23 of the paper. It observes, however, that the value paid is relatively low for CSN, which in the end of the third quarter had a cash flow of almost US$ 5,15 bn and that should not change company’s liquidity.
The report shows that Riversdale, with investments in the mining of metallurgical and thermal coal in two countries, has a great growth project and owns available cash available to grow even more. It reminds that with this operation, CSN seeks its vertical operations in this mining segment, which provides good margins. Apparently, it is a very interesting action by the metallurgical.
Nowadays, apart from flat steel, CSN is iron ore producer, with active in Minas Gerais (Casa da Pedra and another lain). CSN started to do cement, and now has tin mine, generates electric and thermal power, detains participations in two railroads and operates a port terminal. In the metallurgy, it operates two rolling mills abroad: one in the USA and another in Portugal.
Steinbruch’s dream is mount a miner of iron with production of 90 million to 100 million tons per year. His next step, until the end of this year, is to separate the mining business, selling in the market a part of the capital. Last year, he sold 40% of Namisa and pocketed US$ 3,1 billion.
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