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CSN refutes deal on minority stake sale in iron ore subsidiary

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CSN refutes deal on minority stake sale in iron ore subsidiary

Companhia Siderúrgica Nacional refuted media reports that it entered a definitive deal for the partial sale of its 88% stake in Brazilian iron ore producer Congonhas Minerios SA to China Brazil Xinnenghuan International Investment Co., Reuters reported Sept. 28.

This comes in response to Brazil's securities regulator CVM, which questioned CSN.

The newswire reported earlier this week that the Brazilian steelmaker was in talks to sell a 25% stake in Congonhas Minerios, looking to fetch more than US$20 billion and future supply deals.

"At the moment there is no binding document," said David Moise Salama, CSN's head of investor relations, adding that the company will continue to evaluate business opportunities.