Brazil: On 21 March 2026 CSN announced that it had signed a binding letter of commitment with a group of banks for a new secured syndicated credit facility of US$1.2bn, with the potential to increase to US$1.4bn. CSN said in a regulatory filing that the measure is part of a broader divestment plan announced in January 2026, and is expected to be secured in part by certain assets designated for divestment, which include the company’s cement production facilities controlled by CSN Cimentos.
The banking syndicate includes Morgan Stanley Senior Funding, Citigroup Global Markets, Credit Agricole Corporate and Investment Bank, HSBC Securities (USA), Banco XA, BNP Paribas, Banco do Brasil New York Branch, and Banco Bradesco SA. The subsidiary CSN Inova Ventures will act as the borrower, with CSN and CSN Cimentos serving as guarantors. CSN states that the funds are intended for the refinancing of existing debt and the payment of fees, expenses, and costs related to the loan.
CSN has been working with Morgan Stanley to sell CSN Cimentos. Brazil-based Votorantim and China-based Huaxin Cement are also among the companies in preliminary talks to acquire the cement unit.
