Brazil's CSN Withdraws Interest from Bulgarian Kremikovtzi

he Brazilian company was the only possible investor after the Ukrainian Smart Group withdrew its interest in buying or running the Bulgarian steel factory. Photo by BGNES

The Brazilian metallurgical giant Companhia Siderurgica Nacional (CSN) has officially withdrawn its bid for the troubled Bulgarian steel mill Kremikovtzi.

This was announced by the Otavio de Garcia Lazcano, Chief Financial Officer at CSN, as cited by Bloomberg.com.

The decision comes shortly after Union Leader, Lyudmil Pavlov, announced that CSN was showing strong interest in the steel mill's coking plant.

"Currently, we do not intend to buy anything around the world", Lazcano said. The Brazilian company was the only possible investor after the Ukrainian Smart Group withdrew its interest in buying or running the Bulgarian steel factory.

Meanwhile, CSN has increased its profit almost eight times for the last quarter of 2008 after selling some iron ore mines. The third biggest Brazilian company announced a record income of USD 1,72 B, while the steel market has fallen by 36% over the global financial crisis.

 

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