Pursuant to Rule 13a-16 or 15d-16 of the
São Paulo, SP, Brazil
04538-132
under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
Rio de Janeiro, January 31st, 2007
CSN is a leading global steel producer with operations in Latin America, North America, and Europe. The Company is a fully integrated steel producer, the largest coated steel producer in Brazil, with current capacity of 5.6 million tons of crude steel, 5.1 million tons of rolled products and 2.9 million tons of coated steel capacity. Over 50% of CSN’s steel products are high value added ones. CSN is also the sole tin-plate producer in Brazil and the fifth largest producer of tin plate in the world. |
CSN's process is based on the integrated steelworks concept that uses the Company's own sources of iron ore, limestone and dolomite. Besides its captive mines, CSN controls logistics assets - ports and railways - which enable an extremely cost efficient operation. This concept allows CSN to continuously capture important levels of synergies, thus assuring its position as one of the most cost competitive steel producers in the world. |
CSN ANNOUNCES THE OUTCOME OF ITS PARTICIPATION IN THE AUCTION FOR
THE ACQUISITION OF THE ANGLO-DUTCH CORUS GROUP PLC
Rio de Janeiro/ São Paulo, January 31, 2007 - Companhia Siderúrgica Nacional - CSN - (BOVESPA: CSNA3; NYSE: SID), one of the most competitive global integrated steel complexes, announces that its subsidiary “CSN Acquisitions Limited” participated in the auction run by the U.K. Takeover Panel, which took place yesterday on January 30, 2007, where both CSN and Tata Steel UK Limited reviewed their respective takeover bids on Anglo-Dutch steelmaker Corus Group plc.
The auction outcome announced yesterday by the Takeover Panel: CSN offered 603 pence in cash for each common share of Corus’ capital stock and Tata, on its turn, offered 608 pence for each common share of Corus, thus, being the winner in the auction held yesterday.
With the formalization of Corus’ acquisition, the following is expected to occur:
| 1. | CSN will be entitled to sell 34,072,613 shares of Corus’ capital stock by the reviewed final price offered by Tata; | |
| 2. | As set forth in the agreement for implementation entered into between “CSN Acquisitions” and Corus on December 10, 2006, “CSN Acquisitions” will be entitled to receive from Corus the “Incentive Remuneration” corresponding to 1% of the reviewed final price proposed by “CSN Acquisitions” for the acquisition of the Company. |
Benjamin Steinbruch, CEO of CSN commented about the auction held yesterday:
“CSN is still committed to its broadly disseminated strategy of the internationalization of its activities, as well as to the investments in progress. Our investments aim at tripling our crude steel production capacity, starting with the additional 4.5 million tonnes of annual production of slabs in Itaguaí (Rio de Janeiro), as well as the expansion of annual 16 million tonnes of iron ore production in Casa de Pedra, to more than 50 million tonnes extracted annually. We will also be inaugurating in the early second fortnight of February a new sea terminal destined to export iron ore from our Itaguaí port”
Benjamin Steinbruch added:
“Concerning Corus auction, obviously, we would have preferred a different outcome. However, we decided not to exceed our pre-established limits of investment and indebtedness. Beyond such limits, we would not be assuring the adequate return rates to our shareholders”. Steinbruch also added that: “We congratulate the Tata Group for its acquisition and we are confident that the steel industry consolidation process is just starting. Therefore there will be new and better growth opportunities for CSN in the future, to which we will always be prepared”
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| IR Team | ||||
| José Marcos Treiger | David Moise Salama | Claudio Pontes | ||
| IR Director | IR Manager | IR Specialist | ||
| treiger@csn.com.br | david.salama@csn.com.br | Claudio.pontes@csn.com.br | ||
| (55 11) 3049-7502 | (55 11) 3049-7588 | (55 11) 3049-7592 | ||
COMPANHIA SIDERÚRGICA NACIONAL |
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By: |
/S/ Benjamin Steinbruch
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Benjamin Steinbruch
Chief Executive Officer and Acting Chief Financial Officer |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.