By Brazil Stock Guide – J&F Investimentos, the holding company controlled by brothers Joesley and Wesley Batista, is evaluating the acquisition of control of CSN Cimentos, a subsidiary of Companhia Siderúrgica Nacional (CSN), according to reporting by Estadão. The transaction is valued at at least R$ 10 billion, including debt, and could become a cornerstone of CSN’s deleveraging strategy.
According to the newspaper, the asset was offered to J&F less than a month ago and discussions remain at a preliminary stage. The proposed structure would involve carving out the cement business into a “NewCo,” followed by a capital injection from J&F and the transfer of a portion of CSN’s debt. Under such a structure, Benjamin Steinbruch would become diluted and retain a minority stake. The sale of the cement arm is considered central to CSN’s plan to raise between R$ 15 billion and R$ 18 billion through asset disposals.
CSN’s financial pressure has intensified. Net debt stands near R$ 40 billion, and leverage — measured as net debt to Ebitda — reached 3.14 times as of September, prompting investor concerns. Rating agencies S&P, Fitch and Moody’s have downgraded the company, citing elevated leverage, cash consumption and weak performance in steel and mining.
CSN Cimentos has annual production capacity of 17 million tons across 13 plants nationwide, with revenue around R$ 5 billion per year and annualized Ebitda of R$ 1.3 billion through September. Market specialists cited by Estadão estimate the enterprise value at roughly eight times Ebitda, or between R$ 10.4 billion and R$ 11.2 billion, though Steinbruch is expected to seek a premium.
For J&F, the potential acquisition would further diversify a conglomerate that already spans protein production (JBS), pulp, mining, energy and fertilizers, reinforcing its presence in Brazil’s industrial and infrastructure backbone.