Brazil: Three China-based cement producers: Anhui Conch, Huaxin Building Materials and Sinoma, have now entered the race to purchase CSN Cimentos from Companhia Siderúrgica Nacional (CSN), along with local market leader Votorantim. Heavily-indebted CSN expects to raise US$3.0-3.6bn from the sale of its cement production arm.
Local observers state that Votorantim will face difficulties acquiring its largest competitor. It is therefore expected to bid through a consortium with partners rather than alone. A foreign buyer with no existing Brazilian cement plants faces no such issue, which gives the Chinese groups a cleaner path to approval.
CSN has signalled that it wants the cement sale, and a separate disposal of a stake in its logistics arm, to be concluded by the end of September 2026 and that it will pay the proceeds directly into its near US$8bn of debt. Any deal will still need clearance from Brazil’s competition authority, but the timeline will vary depending on whether the buyer is domestic or foreign-owned.