CSN Reported Listing Mine Unit

Steelmaker CSN will look to list shares in its mining unit following a Brazil IPO, according to wire and local press reports citing remarks from CFO Paulo Penido. The steelmaker has long indicated its intentions to spin off mining assets, which include the Casa de Pedra mine, and had initially hoped to do so in the middle of this year. ECM bankers say the deal could be among the crop of Brazil equity transactions to hit the market after an expected $30bn follow-on from Petrobras in September. The spinoff could raise as much as $3bn equivalent. Penido was also cited as saying CSN was in talks with its Japanese and Korean partners in the Namisa consortium to include those assets as well.