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Billionaire steelmaking clan faces key test in quest to cut debt
Image courtesy of CSN
Benjamin Steinbruch built a reputation by seizing rare opportunities to buy corporate giants sold by the Brazilian government. The strategy created a multibillion-dollar steelmaker and briefly put him in charge of the world’s second-biggest iron ore miner.
Now, his dealmaking skills are again being put to the test.
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Only this time, Steinbruch is the one selling. He’s trying to convince investors to fork over as much as $1.5 billion for a piece of CSN Mineracao, the mining unit of one his companies looking to price an initial public offering on Friday.