Brazil’s leading steelmaker Companhia Siderurgica National announced that Brazilian state owned energy holding company Eletrobras has transferred 3,067,035 voting shares and 87,639 non-voting shares of energy producer to CSN’s subsidiary Companhia Florestal do Brasil, which CSN had acquired in auction in July 2022, for BRL 367 million. This stake is equivalent to 32.74% of the CEEE capital. With the 66.23% stake acquired in the auction, CSN now owns 98.97% of the CEEE capital. Such transfer took place, as part of the payment negotiated in a court agreement entered into by the Parties, within the scope of the process in which the monetary correction of book-entry credits of compulsory loan on electricity is discussed. The agreement definitively terminates the judicial process filed by CSN and was duly approved by the competent court, and is part of the Company's project to reduce, through agreements and/or judicial action, its provision involving the judicial processes that discuss the monetary correction of compulsory loan book-entry credits, representing a total provision of BRL 26.1 billion, on September 30, 2022. Companhia Siderurgica National had previously said that the acquisition of energy assets is in line with its strategy of achieving self-sufficiency in renewable sources of energy to support its business expansion.
Brazil’s leading steelmaker Companhia Siderurgica National announced that Brazilian state owned energy holding company Eletrobras has transferred 3,067,035 voting shares and 87,639 non-voting shares of energy producer to CSN’s subsidiary Companhia Florestal do Brasil, which CSN had acquired in auction in July 2022, for BRL 367 million. This stake is equivalent to 32.74% of the CEEE capital. With the 66.23% stake acquired in the auction, CSN now owns 98.97% of the CEEE capital. Such transfer took place, as part of the payment negotiated in a court agreement entered into by the Parties, within the scope of the process in which the monetary correction of book-entry credits of compulsory loan on electricity is discussed. The agreement definitively terminates the judicial process filed by CSN and was duly approved by the competent court, and is part of the Company's project to reduce, through agreements and/or judicial action, its provision involving the judicial processes that discuss the monetary correction of compulsory loan book-entry credits, representing a total provision of BRL 26.1 billion, on September 30, 2022. Companhia Siderurgica National had previously said that the acquisition of energy assets is in line with its strategy of achieving self-sufficiency in renewable sources of energy to support its business expansion.
