São Paulo, July 12th 2019 – COMPANHIA SIDERÚRGICA NACIONAL (“Company” or “CSN”), in addition to the Material Fact released on February 20, 2019, informs its shareholders and the market in general that its subsidiary, CSN Mineração SA (“CSN Mineração”) has concluded negotiations for the amendment of its long-term iron ore supply contract with Swiss trading Glencore International AG (“Glencore”).
The transaction involves prepayment to CSN Mineração of a new installment of up to US$ 250,000,000.00 related to an additional iron ore supply of approximately 10 million tons over 5 years. Disbursement will occur when certain conditions precedent are met, which are customary for this type of transaction.
This new tranche already reflects CSN’s improved credit profile and lower financial cost and consists of a further step by the Company towards a healthy and sustainable capital structure as part of its deleveraging plan previously disclosed to the market.
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CSN is a highly integrated company, with steel, mining, cement, logistics and energy businesses. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products. Thanks to its integrated production system and exemplary management, CSN’s production costs are among the lowest in the global steel sector.