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CSN Acquired for US$ 1 Billion: 5 Cement Plants, 4 Crushing Stations, 6 Specialized Granules Centers, and 19 Concrete Centers
On the morning of this Friday (09/10), CSN (Companhia Siderúrgica Nacional) announced that it has acquired 100% of the Holcim cement plant. The deal, valued at US$ 1.025 billion, repositions the company higher in the rankings of cement producers in the country. The construction materials company signed an agreement to sell a package that includes five cement plants, four crushing stations, six specialized granules centers, and 19 concrete centers, reaching an enterprise value of US$ 1.025 billion, it states in a statement. Read also: One of Brazil’s largest iron ore exporters, CSN Mineração is hiring technician, mechanic, apprentice, and more for job openings in MG, RJ, SP, and PR
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The Acquisition of Holcim’s Assets
The contractual agreements between CSN and the Holcim Group were finalized this morning, September 10. Votorantim Cimentos and InterCement made proposals for some assets, while CSN Cimentos and Mizu were targeting the majority or all of Holcim’s 10 industrial plants in Brazil.
The acquisition of the cement plants will bring CSN closer to the top of the rankings of cement producers in the country. Holcim is the third largest, behind Votorantim and InterCement. With this acquisition, CSN will enter the top 3. Market evaluation indicated that Holcim’s assets were worth around US$ 700 million, but the company was seeking over US$ 1 billion for the complete package.
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This will be the second acquisition for CSN Cimentos in less than four months. At the end of June, it acquired the Elizabeth cement plant for over R$ 1 billion from the Farallon fund, increasing its total capacity to 6 million tons per year. At the time, analysts assessed that the acquisition was at a quite reasonable price, considering the average industry multiples and the amount of capital that would be necessary to add the same production organically. Holcim’s 10 industrial units have an annual production capacity of 10 million tons of cement.
Previously, CSN Acquired a New Cement Plant in the State of Paraíba
CSN President Benjamin Steinbruch recently confirmed that he is negotiating the purchase of Elizabeth Cimento, owned by the Farallon fund, a cement plant in the state of Paraíba. The deal could range from US$ 200 million to 250 million, according to information from the journal Valor Econômico.
Steinbruch, president of CSN, stated that he will keep the market informed about any developments regarding this matter. CSN management also stated that there is currently no binding document for the acquisition. According to market specialists, the acquisition of the cement plant is considered strategic for CSN’s cement division, which plans to go public on B3, the São Paulo stock exchange. The company has already registered the public offering of shares (IPO) with the CVM, the capital markets authority.
Currently, CSN produces the bagged cements: CP II-E-32, CP II-F-32, and CP III-40 RS and bulk: CP II-E-40 and CP III-40 RS, with a minimum strength of 32 MPa and 40 MPa, all according to the ABNT NBR 16697 standard. Furthermore, CSN’s CP III has high sulfate resistance, making it resistant to sewage water, seawater, and some types of soils with aggressive compounds.
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