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Companhia Siderúrgica Nacional Message Board

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  • mmports2010 mmports2010 Jun 10, 2011 2:18 PM Flag

    CFO resigned today!

    I have kept and will continue to buy but:

    Yesterday, CSN announced that the company's CFO Mr. Paulo Penido resigned, and will be replaced by its current treasury director, Mr. Alberto Monteiro. According to CSN, Mr. Penido has left to pursue other opportunities and noted the company may look for a definitive replacement for the CFO position going forward. Mr. Penido's departure is the second consecutive loss of the company in few days, as Mr. Jayme Nicolato (CSN' mining director) has also left the company, and was replaced by Mr. Daniel Santos. We believe the news could add uncertainties over CSN's execution capabilities, especially given the recurring delays in its iron ore expansion. In our view, market expectations over CSN's iron ore business seem too high, and would expect the stock to continue underperforming on rising execution concerns. (Source: Valor, Bloomberg, Barclays Capital)

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