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Report: Asset sales in Portugal, Germany may fetch steelmaker CSN US$1B

Brazil's Cia. Siderúrgica Nacional tapped U.S. investment bank Jefferies to advise on the sale of some of its European assets, Reuters wrote Aug. 12, citing Brazilian daily O Estado de S. Paulo.

The sale of CSN's Lusosider Projectos Siderúrgicos SA flat steel unit in Portugal and Stahlwerk Thüringen GmbH, or SWT, long steel unit in Germany is expected to fetch US$1 billion by October.

In March, CEO Benjamin Steinbruch flagged asset sales of between 2 billion Brazilian reais and 3 billion reais this year to slash the company's debt.

The report added that CSN is also looking to secure a streaming deal next week with a Canadian bank for its mining output in the coming years, which could give it US$1.5 billion this year.

CSN and Jefferies did not respond to requests for comment, the newswire added.

As of Aug. 10, US$1 was equivalent to 3.85 Brazilian reais.