off-the-wire

Brazil steelmaker CSN says Steinbruch leaving CEO role after 24 years

Kitco Media
By Reuters
Published:
Updated:
Reuters
Brazil steelmaker CSN says Steinbruch leaving CEO role after 24 years teaser image

Brazilian steelmaker CSN (BVMF: CSNA3) said on Wednesday that Benjamin Steinbruch, a member of the family who controls the company, is leaving the position of chief executive officer he has held since 2002.

He will be replaced by Fabio Schvartsman, a former CEO of mining firm Vale (NYSE: VALE), as of September 3, the steelmaker said in a securities filing. Steinbruch was approved as chairman of the board of directors, it added.

The leadership change comes as CSN, which besides steel, has operations in sectors such as cement, infrastructure and mining, is working to reduce its debt, including by selling its cement unit.

(Reporting by Andre Romani; Editing by Chris Reese and Natalia Siniawski)

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