HCMLF - Companhia Siderúrgica Nacional: LafargeHolcim Acquisition Represents Another Positive Step

• CSN, through its subsidiary CSN Cimentos, recently announced a $1.0 billion acquisition of LafargeHolcim's assets in Brazil.
• The deal represents another key step in CSN's longer-term expansion plan to become a major low-cost cement player.
• The valuation is compelling as well, although the regulatory risk is worth monitoring in the coming months.
• Yet, shares continue to trade at a discounted valuation multiple, which seems unjustified at this point in the cycle.

For further details see: