CSN, a Brazilian steelmaker, is embarking on an aggressive overseas growth after years of reducing assets to contain debt.
Under the control of the billionaire Steinbruch clan, CSN has budgeted $3 billion to grow in the U.S. and Europe over the next three years in a bid to diversify its Brazil-heavy portfolio.
According to a securities filing, Brazilian steelmaker Companhia Siderurgica Nacional CSNA3.SA launched on Monday a share buyback program in which it wants to repurchase up to 30 million shares.
The program might be worth around 723.9 million reais ($127.24 million) based on CSN’s closing price of 24.13 reais per share on Monday. According to the company, the share repurchase program will continue seven months.
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