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Brazil's CSN waiting for better prices to sell assets, CEO says
October 31, 2017 / 5:41 PM / 19 days ago

Brazil's CSN waiting for better prices to sell assets, CEO says

SAO PAULO, Oct 31 (Reuters) - Brazilian steelmaker Companhia Siderúrgica Nacional will wait for better prices to sell assets, its chief executive officer told analysts on Tuesday.

CSN, as the company is known, has a current debt level equivalent to 5 times its earnings before interest, taxes, depreciation and amortization, a common gauge of operational profit. To reach the target of 3.5 times EBITDA, the company would have to sell assets. “We had many concrete proposals for many assets, but we think we should wait for the right moment to sell”, CEO Benjamin Steinbruch said. (Reporting by Alberto Alerigi; Writing by Tatiana Bautzer; Editing by Chris Reese)

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