CSN sells cement division to Chinese Huaxin for R$ 12.7 billion
10-day exclusivity agreement paves the way for definitive contracts. Analysts see relief in leverage, but demand new divestments.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 2 MIN
On Friday (30), CSN (CSNA3) announced a 10-day exclusivity agreement to sell CSN Cimentos to Chinese company Huaxin for R$12.7 billion. According to Seu Dinheiro, Huaxin Building Materials Group presented the most advantageous proposal in a competitive process that began in March 2026.
The operation takes place with the company's debt at R$42.1 billion at the end of the second quarter of 2026, according to Money Times. The cement division, therefore, is at the center of a divestment movement that the market is following closely.
InfoMoney calculates that the firm value (EV) of the operation, of R$ 12.7 billion, corresponds to an EV/Ebitda multiple of 7.0x to 7.5x. CSN's own multiple, based on the same survey, is between 4.5x and 5.0x, which makes the sales reference much higher than that of the company as a whole.
The sale of cement comes after another recent transaction. According to Money Times, CSN sold a steelmaking asset in Germany for €500 million, around R$3 billion, an operation that BTG Pactual and XP evaluated positively.
For analysts interviewed by Money Times, the sale could alleviate leverage and give visibility to new divestments. The reading of the report is that the company's credibility depends precisely on this sequence of business, and not on an isolated announcement.
The next step is signing. According to InfoMoney and Seu Dinheiro, CSN expects to sign definitive contracts in the coming days, still within the exclusivity period.
What changes for the investor
If the deal is completed under the announced terms, the main consequence for the shareholder is the possibility of reducing leverage, a point highlighted by the analysts mentioned. The points to observe are the signing of the definitive documents within the expected deadline, the pace of the next divestments and the destination that the company will give to the resources. This article does not provide a purchase or sale recommendation or price projections.
Automatically translated from Portuguese.
