CSN Lines up Share Buyback

The board of Brazilian steelmaker CSN has approved the buyback of up to 10.8m shares until August 27. It does not indicate how it would fund the repurchase, which could cost more than BRL600m. CSN has 455.3m shares outstanding, which closed Monday at BRL56.30. UBS, Credit Suisse and Itau are the intermediaries on the repurchase.