Brazil Steel Company CSN Confirms Higher Stake In Riversdale
09 Februar 2011 - 1:07PM
Dow Jones News
Brazilian integrated steelmaker Companhia Siderurgica Nacional
(SID), or CSN, confirmed Wednesday that it has raised its stake in
Mozambique-focused coking coal developer Riversdale Mining Ltd.
(RIV.AU).
In a filing with Brazilian stock regulators, CSN said that it
purchased 4.78 million new shares for A$76.2 million. The share
purchased raised CSN's stake in Riversdale to 17.58%. CSN had
earlier made a similar statement to Australian regulators.
CSN officials were not immediately available to comment on the
purchase.
CSN has been actively securing raw materials for its steelmaking
operations, calling the moves "strategic" in nature. The higher
stake in Riversdale, however, could complicate Rio Tinto PLC's
(RIO) $3.9 billion offer for the company.
Rio Tinto has offered A$16 cash per share for Riversdale, which
has a 14 billion-metric-ton coal resource in north-western
Mozambique.
The southeast African country is expected to be one of the
world's biggest growth regions over the next decade for hard coking
coal, a scarce variety of the mineral essential for steelmaking
blast furnaces.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
Jeff.Fick@dowjones.com
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