( December 12, 2014, 15:23 GMT | Official Statement) -- MLex Summary: Brazilian steel company Companhia Siderúrgica Nacional, or CSN, announced the approval by its board of directors of its plan to combine with Nacional Minérios, or Namisa, a mining and logistics business. CSN has reached an agreement with its partners at Namisa, which include Itochu Corporation, JFE Steel, Posco, Kobe Steel, Nisshin Steel and China Steel, together known as Consorcio Asiatico. Congonhas Minerios, a CSN non-operating subsidiary, will acquire Consorcio Asiatico’s 40 percent stake in Namisa , while the iron ore mining Casa de Pedra, held by CSN, will acquire CSN’s 60 percent stake in Namisa, plus its 8.63 percent stake in MRS Logistica, and its assets and rights to manage and operate the concession related to Port of Itaguai (TECAR). After the transaction, CSN and Consorcio Asiatico will hold 88.25 percent and 11.75%, respectively, in Congonhas Minerios, excluding cash and debt. Congonhas Minerios will sell part of its iron ore production to CSN and Consorcio Asiatico's members. The transaction is pending regulatory approval and is expected to conclude by the end of 2015.Read CSN's statement below (in Portuguese):...
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