CSN closes $115 million iron ore supply contract with Glencore

CSN closes $115 million iron ore supply contract with Glencore

Posted on by admin

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) said on Friday it closed its third iron ore supply contract with Glencore.

CSN said its subsidiary, CSN Mineração, will provide 4 million mt of iron ore in up to five years for $115 million. CSN said the deal allows flexibility for both parts. If required, CSN can increase supply, the company said.

CSN said it will be paid as long as certain undisclosed conditions are met, and those conditions are “usual” in such transactions.

The steelmaker said the deal is a step further in the direction of a healthier and more sustainable capital structure and is part of the company’s plan to reduce debt.

Leave a Reply

Your email address will not be published. Required fields are marked *