CSN closes sale of manufacturer of Metalic cans for $ 98,000,000

The Companhia Siderúrgica Nacional (CSN) reported yesterday that concluded negotiations and signed a contract to sell its subsidiary Metalic, specialized in manufacturing of beverage cans, for the Polonaise CanPack. The value set for the transaction, subject to adjustment as provided for in the contract, is $ 98,000,000 (or about R$ 316,800,000, according the gearshift lock yesterday). The value must be paid in Brazilian reais, as on the date of the closing of the Exchange operation, which is scheduled for September 30, according to material sent to the Brazilian Securities Commission (CVM). The business had financial assistance of Bradesco BBI and BB''s Investment Bank. The CanPack, according to information from the CSN, is one of the largest manufacturers of metal packaging in the world. Founded in 1992, in Poland, is a supplier to industries in Europe, Asia and Africa. As anticipated in the mana passed the Broadcast, real-time news service of the State Group, the manufacturer of cans should be only the first disinvestment of the CSN within the process to reduce its high debt. With stronger performance in the North and Northeast, the Metalic has about 4% of the national market of this type of packaging. However, the value brought by the sale, will not bring relief to the steel box of Benjamin Steinbruch, according to sources. More assets for sale. One of the bets is that the NSC should make other divestments, including the Container Terminal (Tecon), which would have several interested parties, both in the case of a full sale as a participation. This business could raise about 1.2 billion R$ to CSN, according to market calculations. Steel''s situation is considered difficult. The company ended the second quarter of 2016 with an adjusted net debt of 25.87 billion R$, 25% increase in 12 months. After registering more injury between April and June, it is expected that the NSC''s revenue will improve in the third quarter, when the company expects to return to profit, said Chairman of the NSC, Benjamin Steinbruch, last week.