According to Bloomberg News on September 18 (the C-Level column of the Brazilian newspaper Folha de Sao Paulo was published in Portuguese on September 19). Huaxin, Brazil's Votorantim and Polimix have each submitted binding bids of about 11 billion reals (about 14.2 billion yuan) for CSN Cimentos, below the seller's expectations of about 15 billion reals (about 19.4 billion yuan). It should be noted that the details of this offer came from unnamed people familiar with the matter; CSN's official announcement on August 10 only said that it had "received a binding offer", but did not disclose several companies, names and amounts.
For Huaxin, this is not an ordinary overseas acquisition. In the first half of 2026, the company's operating income was 19.497 billion yuan, a year-on-year increase of 21.5%; the net profit attributable to parent company was 1.713 billion yuan, a year-on-year increase of 55.22%. Almost all the growth power comes from overseas – the overseas cement sales volume is 13.175 million tons, with a year-on-year increase of 57.06%; the overseas cement revenue is 8.542 billion yuan, with a year-on-year increase of 106.93%; the proportion of overseas revenue has reached 46.2%, and the overseas gross profit rate is 46.4%. The contrast between the
two businesses is even more striking: in the first half of the year, the domestic cement sales volume increased by 11.7% year-on-year, but the revenue decreased by 11.62% year-on-year, and the volume increased while the price decreased; the total profit of the overseas segment was 3.080 billion yuan, an increase of 276% year-on-year, accounting for more than 90% of the total profit of the company. Under the overall pressure of the domestic cement industry, overseas has become the only high growth engine of Huaxin.
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only. Huaxin's entry into Brazil did not start from scratch. In March 2025, the company completed the acquisition and delivery of Embu related equity in Brazil, with an initial consideration of US $176.9 million (about RMB 1.19 billion), and acquired four aggregate plants in Sao Paulo, with a total capacity of 8.8 million tons per year, which is the first time that Chinese cement enterprises have settled in Brazil.
If CSN Cement is acquired this time, Huaxin will directly acquire a controlling stake in Brazil's second largest cement producer, with an annual capacity of about 17 million tons (including grinding stations) and supporting terminals and distribution centers throughout the country. With the existing aggregate business, it will form a complete coverage of "aggregate + cement".
Selling cement assets is the core action of CSN's debt reduction. By the end of June, the company's net debt was about 42.1 billion reals (about 54.5 billion yuan), net debt/EBITDA was 3.5 times, and it had recorded an adjusted net loss for ten consecutive quarters. The cement assets are also collateral for a syndicated loan of at least $1.2 billion (about 8.06 billion yuan).
The deal still needs to be approved by Brazil's antitrust agency, CADE. As of press release, CSN did not announce the winning bidder, nor did it explain the progress of negotiations.
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