Benjamin Steinbruch has resigned as CEO of the Brazilian steel and iron ore company Companhia Siderúrgica Nacional (CSN) after 25 years in this position.
Steinbruch, the main shareholder of the company, will be replaced by Fabio Schwartzman, former CEO of the Vale mining company. Schwarzman led Vale during the period marked by the collapse of the Brumadinho dam, which killed more than 270 people and caused severe environmental damage.
Steinbruch will become chairman of the Board of CSN and is expected to focus on restructuring the company. CSN's net financial debt is estimated at $8.3 billion, which is 3.49 times its annual EBITDA. Due to high interest expenses, the company's last quarterly net profit was recorded in the third quarter of 2018. 2025.
The company plans to reduce burdensome financial leverage, such as excessive debt, by selling assets in several business lines, including cement and logistics. CSN is also considering the possibility of selling its steel production.
CSN has received proposals for the cement business and is currently reviewing them. Offers for the logistics business are expected this week, the company said.
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