Brazil’s CSN Names Fabio Schvartsman as CEO
Fabio Schvartsman, a former Vale chief executive, takes over as CSN works to cut debt and sell its cement unit, company filings said.
- On Wednesday, Brazilian steelmaker Companhia Siderurgica Nacional announced CEO Benjamin Steinbruch is stepping down after 24 years; former Vale CEO Fabio Schvartsman assumes the role effective September 3, 2026.
- Facing significant financial challenges, CSN holds approximately R$42.1 billion in debt as of June and is working to reduce leverage by selling its cement unit.
- CSN shares surged 20% on Thursday following the leadership change, helping the Ibovespa stock index approach a 12th consecutive winning session as investors reacted positively to the transition.
- Following his departure as CEO, Steinbruch was approved as chairman of the board of directors, while the organization projected burning through roughly R$9.3 billion in cash next year.
- Brazil's Ibovespa index continues climbing toward its all-time high of 199,354 points, fueled by the CSN transition and gains in state-run oil giant Petrobras amid the broader market rally.
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Benjamin Steinbruch is stepping down as chief executive officer at Brazilian steelmaker Companhia Siderúrgica Nacional SA after over two decades in the position, with former Vale SA head Fabio Schvartsman succeeding him.
Benjamin Steinbruch, CEO and controller of the National Steel Company (CSN), is leaving the president of the business, communicated the company in fact relevant on Wednesday (2). Who takes office, already from this Thursday, is Fabio Schvartsman, who was president of the Vale between 2017 and 2019. Schvartsman's passage through the mining company was marked by the break of the Brumadinho dam, in January 2019, of which the executive is one of the…
Benjamin Steinbruch will leave the position of CEO of the National Steel Company (CSN), a function he has held since 2002. The entrepreneur will be succeeded by Fabio Schvartsman, former CEO of the Vale. CSN's controller, Steinbruch will continue in the company. He will take over the chair of the board of directors, as he previously held and was vacant since 2023. The changes come into effect immediately, according to a statement released by the…
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