Brazil's CSN on track for best day since 2022 on CEO swap

Vale

03/09/2026 15:11

** Shares in Brazilian steelmaker CSN CSNA3.SA jump after the company announced changes to its leadership, setting the stock up for its best daily performance since November 2022
** Benjamin Steinbruch, who has led the company as CEO since 2002 and is a member of the controlling family, will assume the role of chairman
** CSN appointed Fabi Schvartsman, former chief executive of miner Vale VALE3.SA, to succeed him
** BTG Pactual analysts welcome the "surprise" leadership transition
** "With Steinbruch remaining closely involved as chairman, we see the new structure as a natural evolution of CSN's leadership model and a potentially positive development for the company's equity story," they say
** XP analysts say Schvartsman's primary challenge will likely be executing a funding plan that should allow the steelmaker to meet its obligations through 2030
** CSN shares rise about 14%, the top performers on Brazil's benchmark Bovespa index .BVSP, which gains 1.3%
** Year-to-date, the steelmaker's shares are down about 24%

($1 = 5.1022 reais)

 (Reporting by Isabel Teles and Paula Arend Laier; Editing by Gabriel Araujo)
 ((isabel.teles@thomsonreuters.com; +55 11 91033 3602))