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Brazilian steelmaker CSN hires banks for IPO of mining unit -report

Brazilian steelmaker Companhia Siderurgica Nacional has hired banks to manage the initial public offering of its mining unit, CSN Mineracao, newspaper Valor Economico reported on Tuesday.

Adds CSN comment in securities filing

SAO PAULO, Aug 25 (Reuters) - Brazilian steelmaker Companhia Siderurgica Nacional CSNA3.SA has hired banks to manage the initial public offering of its mining unit, CSN Mineracao, newspaper Valor Economico reported on Tuesday.

Bank of America, XP Inc, Banco BTG Pactual SA and Morgan Stanley will manage an offering that may raise 10 billion reais ($1.81 billion), the report said, citing anonymous sources.

Since the beginning of this year, CSN's executives have been saying they planned to revive the IPO of CSN Mineracao, which includes the iron ore mine Casa de Pedra.

In a securities filing late on Tuesday, the company repeated that it was considering an IPO of the unit, without offering further details.

Shares in CSN closed the trading day up 1.99% at 14.84 reais, after starting the day down 2.2%.

($1 = 5.52 reais)

(Reporting by Carolina Mandl; Additional reporting by Gram Slattery in Rio de Janeiro; Editing by Cynthia Osterman and Muralikumar Anantharaman)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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