Brazilian Tycoon Steinbruch to Divest CSN Terminal Assets to Reduce Debt Load

Marcelo Steinbruch, founder and controlling shareholder of CSN (Companhia Siderúrgica Nacional), has initiated a strategic divestiture of terminal operations at the Port of Itaguai in Rio de Janeiro. The transaction involves the transfer of two cargo-handling terminals—Terminal de Carga de Itaguai (TCI) and Terminal Marítimo de Itaguai (TMI)—which collectively handle approximately 12 million metric tons of steel and raw materials annually. The sale is expected to generate around BRL 850 million in proceeds, which will be used exclusively to reduce short- and long-term debt obligations. The decision follows a period of declining profitability for CSN, with net debt rising to BRL 18.7 billion as of Q4 2025, up 14% year-on-year. The company reported a net loss of BRL 900 million in the fourth quarter, driven by lower steel prices and higher input costs. The divestiture is part of a broader restructuring effort aimed at improving CSN’s financial resilience and achieving a debt-to-EBITDA ratio below 3.0x by the end of 2026. The transaction is being led by a consortium of infrastructure investors, including a joint venture between a European logistics firm and a Brazilian private equity group with experience in port assets. The deal is expected to close by mid-2026, subject to regulatory approvals and final due diligence. The buyer has committed to maintaining current employment levels and investing BRL 120 million in terminal modernization over the next three years. Market analysts note that the sale could positively impact CSN’s credit profile, potentially leading to a debt rating upgrade by regional agencies. Investors have responded favorably, with CSN’s stock rising 5.3% in early trading following the announcement. The move also signals a shift in Brazil’s industrial landscape, where asset-light strategies are gaining traction among heavy industrial groups facing global commodity volatility.