Steinbruch Steps Down As CSN Chief in Brazil
Benjamin Steinbruch stepped down in a CSN leadership change, handing daily control to Fabio Schvartsman while he stays on as board chairman. The post Steinbruch Steps Down As CSN Chief in Brazil appeared first on The Rio Times .
Benjamin Steinbruch has resigned as CEO of Companhia Siderúrgica Nacional (CSN), one of Brazil's largest steel and mining companies, and will remain as board chairman. Steinbruch served in this position for 24 years before stepping down on Thursday. Fabio Schvartsman, who previously led mining giant Vale, has been appointed as CSN's new CEO.
This marks the end of decades of one-family leadership at CSN and the first time someone outside the Steinbruch family will take charge of daily operations. Schvartsman, who led Klabin for six years, is seen as a pro-market executive who can help rebuild investor confidence. CSN's shares rose sharply following the announcement, driven by expectations of Schvartsman's leadership.
The company's main task now is to reduce its heavy debt load, estimated at R$42 billion (about US$8.2 billion). Steinbruch plans to sell its cement unit to help with this goal, which could be worth around R$12 billion (US$2.3 billion). Schvartsman may also sell stakes in CSN's energy and logistics units or seek a partner for its steel business. Despite this leadership change, Steinbruch and his family remain CSN's controlling shareholders.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
