CSN in a very comfortable financial position, as compared to...

CSN in a very comfortable financial position, as compared to other steel producers

Ambition to become the 4th largest iron ore miner worldwide by 2013; looking to produce 90 - 100 M t p a

RIV buy-in is CSN's first international mining investment
Similar strategy as Vale, their rival in Brazil

CSN has paid some US$ 175M, which has no financial strain on the company's US$ 9 BILLION in cash. They will be raising more cash as they have plans to separate out their mining operations and float some of this off in the market.

CSN will gain significant margins with the their steel prices by controlling two major inputs of iron ore and coking coal

CSN other investments include cement, tin, power generation, railway lines, and ports.

CSN have steel operations in Portugal and USA


Benjamin will, IMO, not sit on 16%. If things progress with logistics, etc, they will up their stake. CSN have the cash, and every reason to have a greater investment in coking coal to match their iron ore production.

As always DYOR.

Cheers, Skip