Brazil steelmaker CSN sells part of iron ore mine

SAO PAULO, Brazil (AP) -- Brazilian steelmaker CSN says it has reached a deal to sell 40 percent of its Namisa iron ore mine to a consortium of Asian companies for US$3.1 billion.

Companhia Siderurgica Nacional SA says the sale is a strategic partnership with Japan's Itochu Corporation, Nippon Steel Corp., JFE Steel Corp., Sumitomo Metal Industries Ltd., Kobe Steel Ltd., Nisshin Steel Co. Ltd. and South Korea's Posco.

CSN said in a statement that the deal is expected to be finalized on Tuesday.

The company said last June that it received 30 proposals for the iron ore unit, which is located in the south-central Minas Gerais state and currently produces 7.5 million metric tons.

CSN made the announcement on Monday.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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