RK Partners Hired by CSN to Cover Offer for Samarco in Bid to Acquire the Miner

Written by Roberta Souza

Published on 22/06/2022 at 22:29

Foto: Ricardo Moraes/ fonte: site money times

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CSN Wants to Buy Vale’s Mineradora, Samarco, Currently in Judicial Recovery After the Dam Collapse in Mariana

CSN (CSNA3) has hired an advisor to assist in preparing a plan aimed at acquiring mineradora Samarco, a joint venture owned by Vale (VALE3) and BHP. According to sources close to the matter, the mineradora Samarco is currently in judicial recovery.

The strategy being considered by RK Partners for CSN would involve a “stalking-horse” bid, a component to ensure that other interested buyers do not offer amounts below what Samarco has stipulated. CSN’s advisory team’s expectation is that through the specified strategy, disputes among the debt holders and shareholders of Samarco will cease.

In an email statement, BHP and Vale declared that “Samarco is not for sale” and emphasized their support for the restructuring plan registered by Samarco’s employee unions on May 18.

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CSN and Various Miners and Steelmakers Face Declining Stocks After Drop in Iron Ore Prices

The stocks of miners and steelmakers are among the largest losses in the stock market due to falling commodities, specifically due to the decline in the value of minerals.

Around 11:25 am on Wednesday, the 22nd, shares of CSN (CSNA3) and its mineradora CSN Mineração (CMIN3) fell by 6.63% and 1.86%, respectively, trading at R$ 15.63 and R$ 4.22. Meanwhile, Gerdau (GGBR4) declined by 5.7%, trading at R$ 22.50, while Usiminas (USIM5) lost over 4%. Vale recorded a drop of nearly 2%, at R$ 74.52.

Iron Ore Prices Plummet Exponentially Over 16 Weeks

According to Exame, the value of iron ore has plummeted to the lowest level in 16 weeks as of Wednesday, the 22nd. The most traded iron ore contract on the Dalian Exchange for September fell by 6% from 709.50 yuan (US$ 105.57) per ton, marking the ninth consecutive session of decline.

The contract dropped to 698.50 yuan, the lowest level since March 1, while on the Singapore Exchange, the July contract for the commodity decreased by 5.6%, to US$ 108.45 per ton.

As a result, traders are increasingly concerned about the excess supply of steel in China. Additionally, the Asian country is attempting to curb COVID-19 outbreaks. The enforcement of the “COVID Zero” policy has placed various districts under lockdown, raising uncertainties about the normalization of Chinese activity in the near future.

The lockdowns challenge growth expectations of the world’s second-largest economic power. Restrictions in major cities in China have impacted various supply chains in the country, particularly the industry, which is not operating at full capacity.

RK Partners Hired by CSN to Cover Offer for Samarco in Bid to Acquire the Miner

CSN Wants to Buy Vale’s Mineradora, Samarco, Currently in Judicial Recovery After the Dam Collapse in Mariana

CSN and Various Miners and Steelmakers Face Declining Stocks After Drop in Iron Ore Prices

Iron Ore Prices Plummet Exponentially Over 16 Weeks

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RK Partners Hired by CSN to Cover Offer for Samarco in Bid to Acquire the Miner

CSN Wants to Buy Vale’s Mineradora, Samarco, Currently in Judicial Recovery After the Dam Collapse in Mariana

CSN and Various Miners and Steelmakers Face Declining Stocks After Drop in Iron Ore Prices

Iron Ore Prices Plummet Exponentially Over 16 Weeks

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