The sale process of CSN Cimentos is nearing its final stages, with Benjamin Steinbruch 's steelmaker seeking at least R$ 15 billion for the deal.
According to Bloomberg , CSN intends to obtain this amount for the entire operation, abandoning its previous plan to retain a minority stake. The expectation is that proposals will be submitted by the end of the week. The process is being advised by Morgan Stanley .
The report indicates that the company expects to receive four bids for the unit. Among the potential buyers are a Chinese cement producer, the Brazilian company Votorantim Cimentos , the Italian company Cementir Holding, and Polimix, a Brazilian concrete manufacturer.
J&F Investimentos was reportedly interested in the asset, but is out of the running, according to Bloomberg . The holding company had previously offered R$ 10 billion for the operation and agreed to handle the due diligence.
The sale of cement assets is part of CSN's efforts to balance its capital structure and reduce financial leverage to one time in up to eight years. The company ended the first quarter with a net debt to EBITDA ratio of 3.36 times, down from 3.47 times in the fourth quarter.
According to the plan released at the beginning of the year , CSN intended to start 2026 by making "strategic moves" to reduce its debt, mainly through the sale of significant assets, with the goal of deleveraging between R$ 15 billion and R$ 18 billion.
CSN Cimentos' process is the most advanced. The company also intends to sell infrastructure assets, but stated that it is a more complex operation due to the need to consolidate the assets into a single platform and obtain a series of regulatory approvals.
CSN Cimentos is the result of a series of acquisitions made in recent years, which resulted in the creation of the second largest cement producer in the country. With seven factories, the company has an installed capacity of 16.3 million tons per year.
The unit recorded revenue of R$ 1.2 billion in the first quarter, a 14% increase year-over-year. Adjusted EBITDA reached R$ 392.5 million, a 62.7% increase compared to the same period in 2025 and the highest result ever recorded by CSN in this segment.
CSN's leverage problems are nothing new . In 2021, the R$5.2 billion IPO of CSN Mineração had as one of its objectives to reduce debt. By the end of that year, the ratio between net debt and EBITDA had fallen from 2.23 times in 2020 to 1.29 times.
Since then, leverage has once again become a challenge, pressured by the more difficult scenario in the steel industry and investments in business diversification, including CSN Cimentos.
Around 3 PM, CSN shares were up 2.3%, at R$ 4.90. Year-to-date, CSNA3 shares have fallen 43.7%. The company's market capitalization is R$ 6.5 billion.
Contacted by NeoFeed , CSN did not respond to the interview request.
