Huaxin Building Materials to Acquire Majority Stake in Brazil's CSN Cimentos

According to a company statement reported by the South China Morning Post, the Chinese building materials giant Huaxin Building Materials Group has agreed a US$1.6 billion deal to take a 99.99 per cent stake in CSN Cimentos, which is described as Brazil's second-largest cement producer. This transaction is noted as representing China's first foray into the Brazilian cement market.

Filings submitted to exchanges on Sunday indicated that the company originating from Hubei province in central China, which is listed in both Shanghai and Hong Kong, finalized a share purchase agreement with CSN Cimentos on Saturday. The value of this deal was reported as US$1.64 billion, according to exchange filings submitted on Sunday.

CSN Cimentos, which functions as the cement division of the Brazilian steel giant Companhia Siderurgica Nacional, reportedly holds a roughly 21 per cent share of the Brazilian market. The filings further detailed that CSN Cimentos operates seven kilns and six grinding stations, possessing an annual cement capacity of 17 million tonnes.