After Brazilian steelmaker Companhia Siderúrgica Nacional media reports media reports on a potential minority stake sale in its iron ore unit Congonhas Minerios SA, Reuters on Oct. 5 cited an anonymous source as saying that the steel producer is seeking a minority stake sale based on a valuation of between US$30 billion to US$35 billion.

China Brazil Xinnenghuan International Investment Co., which was mentioned in previous media reports as a bidder for a 25% stake in the iron ore unit, is seeking to acquire a 20% to 25% interest in the unit, according to the source.

The source added that the slowly progressing negotiations may not result in a deal. CSN's spokesman could not be reached for immediate comment, according to the report.

David Moise Salama, CSN's head of investor relations, was cited as saying in a Sept. 28 Reuters report that there was no binding document at the time.