CSN's Cement Unit Sale Could Exceed $2 Billion as Global Giants Circle

Brazilian steelmaker CSN is moving forward with the sale of its cement division, with binding offers expected to arrive by late June 2025. The company's CFO, Marco Rabello, confirmed to Reuters that the binding phase will kick off roughly a month after non-binding offers are received and shortlisted candidates are identified — with those initial offers due by the end of April.

While Rabello declined to name prospective buyers or reveal pricing details, sources close to the deal suggest CSN's cement business could command upwards of 10 billion reais — equivalent to more than $2 billion — making it one of the more significant M&A transactions in Brazil's construction materials sector this year.

The sale has attracted a competitive mix of local heavyweights and international cement giants. Brazilian conglomerate Votorantim is reportedly weighing a bid, either independently or through a partnership. J&F S.A. — the holding group behind global meatpacker JBS — is said to be considering an offer around the 10 billion reais mark. On the international front, Chinese cement producers Anhui Conch Cement, Huaxin Cement, and Sinoma International have all shown interest. Huaxin, notably, completed a Brazilian acquisition in 2024. Contenders from Italy and Mexico are also expected to join the race.

CSN has tapped Morgan Stanley as its financial advisor for the cement divestiture, with Bradesco and Citibank handling advisory on a separate logistics asset sale. The divestitures are part of a broader strategy to reduce the company's debt load.

If all goes according to plan, the transaction could close before year-end, though final timing will hinge on regulatory clearance from Brazil's antitrust authority CADE and the identity of the winning bidder.