You are here: Home > Steel News > Latest Steel News > Vale...

Vale denies possible acquisition of stake in CSN’s Congonhas Minerios

Friday, 04 August 2017 23:25:54 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale denied on Friday it was mulling the acquisition of an undisclosed stake of local iron ore producer Congonhas Minerios, following a media report from local newspaper O Globo.

Vale said it has not talked or discussed with its board any acquisition of Congonhas Minerios or its Casa de Pedra mine, which are owned by Brazilian steelmaker Companhia Siderurgica Nacional (CSN).

“Additionally, we inform there were never any talks to acquire CSN’s assets,” Vale said in a statement.

According to a media report from O Globo, Vale could potentially establish a JV or buy an undisclosed stake at Congonhas Minerios, which also owns the Engenho and Pires iron ore mines in addition the Casa de Pedra mine.

Indebted CSN has been looking to raise cash, and could potentially sell a stake in Congonhas Minerios to Vale, according to the media report, which noted that Vale would benefit from using CSN’s port to export its iron ore.


Similar articles

Iron ore prices in China gradually rise amid further stimulus hopes in Dec

21 Nov | Scrap & Raw Materials

Major steel and raw material futures prices in China – November 21, 2024 

21 Nov | Longs and Billet

Brazilian high-grade iron ore price increases from last week

20 Nov | Scrap & Raw Materials

India’s KFIL installs third oxygen plant at its Koppal mill

20 Nov | Steel News

Tata Steel ferroalloys division first in India to publish environmental protection declaration

20 Nov | Steel News

Daily iron ore prices CFR China - November 20, 2024

20 Nov | Scrap & Raw Materials

Major steel and raw material futures prices in China – November 20, 2024 

20 Nov | Longs and Billet

China’s iron ore output up 2.8 percent in January-October

20 Nov | Steel News

Daily iron ore prices CFR China - November 19, 2024

19 Nov | Scrap & Raw Materials

India’s KIOCL seeks overseas suppliers for iron ore concentrate-hematite for its pellet plant

19 Nov | Steel News