The global financial crisis is delaying Brazilian steelmaker CSN's sale of its Namisa iron ore unit, a market analyst told BNamericas.
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With expected sales of 13.5Mt in 2008, Namisa has been coveted by numerous steel companies. It was recently rumored that a Japanese consortium was on the verge of buying the Minas Gerais-based mining company. But so far, nothing official has been disclosed.
"We are seeing a systemic credit and financing crisis," said Pedro Galdi, analyst with SLW Corretora in São Paulo. "So whichever company buys an asset the size of Namisa will have to have a credit line abroad. The problem is that a credit line is not something easy to obtain these days."
However, Galdi said an announcement could be made soon.
"We are waiting and expect CSN to make an announcement by the end of October," he said.
A CSN representative did not comment on new developments concerning Namisa when contacted.
Namisa produces some 7.5Mt/y iron ore but total sales equal 13Mt/y as the company buys and resells ore from third-party mines.
