Brazil's steel maker CSN vows to move on after losing Corus auction

Brazil's steel maker Companhia Siderurgica Nacional (CSN) vowed to move on with its internationalization plans on Wednesday, after losing a key auction to India's Tata Steel.

"We are confident that the process of consolidation of the steel sector is only in the beginning, which will bring better growth opportunities to CSN in the future, for which we will always be prepared," said CSN Chief Executive Officer Benjamin Steinbruck.

A step to be taken by the CSN is to increase its annual production of steel plates by 4.5 million tons in Itaguai in the Rio de Janeiro state, according to Steinbruck.

Meanwhile, CSN's iron ore production will expand from 16 million tons per year to 50 million tons in Volta Redonda, where the company is headquartered.

On Tuesday, Tata Steel managed to outbid CSN to buy British-Dutch steel maker Corus at 12 billion U.S. dollars. Tata Steel agreed to pay 608 pence for a Corus share at the auction against 603 pence offered by the CSN.

Steinbruck said the CSN "decided not to exceed the limits of investments" in pursuit of its dream to become a global steel giant.

Source: Xinhua