CSN Advances Namisa Auction

Brazilian steelmaker CSN is moving ahead with its sale of Namisa, from which it hopes to raise up to $11bn. People close to the process say legally binding bids are due in the first week of September from second round participants. A conclusion could come as early as October, say the executives, declining to name participants or describe the bidding group. The steelmaker hired Goldman Sachs to advise it on the sale of the asset, which the company claims makes up an integrated mining operation. M&A bankers hesitated to get involved in the deal, fearing chairman and chief shareholder Benjamin Steinbruch would accept the bids and eventually decline to sell. The executive has a reputation for trying to boost CSN’s share price.