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January 25, 2008 |
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COMPANHIA SIDERURGICA: Buying Back Up to Four Million Shares Companhia Siderurgica Nacional said in a filing with the Bovespa stock exchange that it will buy back up to four million shares through Feb. 27. Business News Americas relates that Companhia Siderurgica has about 455 million shares in circulation. Brazilian brokerage Brascan Corretora said in a report, "The repurchase program could provide sustenance to CSN [Companhia Siderurgica] shares in a worldwide economic scenario that suggests a high level of stock volatility from different sectors in Brazil and abroad." Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. -- http://www.csn.com.br/ -- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal and the U.S. As reported in the Troubled Company Reporter-Latin America on Dec. 27, 2007, Standard & Poor's Ratings Services revised its outlook on Brazil-based steel maker Companhia Siderurgica Nacional and related entity National Steel S.A. to positive from stable. At the same time, Standard & Poor's affirmed its 'BB' corporate credit rating on CSN and its 'B+' rating on NatSteel. |
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