CSN CEO bullish about prospects for iron ore company

CSN CEO bullish about prospects for iron ore company

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Benjamin Steinbruch, the CEO of Brazilian steelmaker Companhia Siderurgica Nacional (CSN) and the board president of CSN Mineração, CSN’s iron ore company that just went public, is bullish about the company’s prospects.

CSN Mineração has drawn investors after launching an IPO in February, and Steinbruch remains optimistic about the future of the company. Steinbruch labeled CSN Mineração’s growth plans as “aggressive,” noting it expects to produce between 38 to 40 million mt of iron ore in 2021.

CSN Mineração also expects to reach an iron ore cash cost of $16/mt. “We expect to reduce our fixed costs with increased volumes in the coming days,” said Pedro Oliva, finance director at CSN Mineração.

Oliva said CSN Mineração should also increase purchases of iron ore from third parties in 2021. He said the company should buy between 10-11 million mt of the commodity from third party suppliers.

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