Leading steelmaker CSN announced that its CEO will change, with Fabio Schvartsman becoming the new CEO. Steinbruch will not leave the company and will become chair of the board.
Leading steelmaker CSN announced that Benjamin Steinbruch, who has served as CEO for approximately 24 years, will step down. Fabio Schvartsman is scheduled to become the new CEO, while Steinbruch will continue to serve as chair of the board.
Schvartsman has held positions at major paper company Klabin and served as CEO of leading resources company Vale from 2017 to 2019. In addition to steel, CSN operates in mining, cement and logistics, but improving its financial position is considered an urgent priority.
Net interest-bearing debt was reportedly approximately 3.5 times EBITDA in the second quarter of 2026. CSN is also considering the sale of its cement business, reportedly valued at up to 12 billion reais, and is pressing ahead with debt reduction.
The change from a long-serving CEO could affect CSN's management strategy for reducing its debt. Attention will focus on the progress of financial improvement and the direction of business restructuring following the appointments.