CSN names ex-Vale chief Fabio Schvartsman as CEO, Steinbruch moves to chairman

Benjamin Steinbruch has stepped down as CEO of Companhia Siderúrgica Nacional (CSN), with Fabio Schvartsman, former president of Vale, taking over the role effective today. Schvartsman led Vale from 2017 to 2019, a period marked by the Brumadinho dam collapse that killed over 270 people, and he remains a defendant in related criminal proceedings. Steinbruch, 73, who led the company for nearly 25 years, will now chair the board of directors. The leadership change comes as CSN sells assets to reduce debt, which reached R$42.1 billion in the second quarter. Steinbruch said succession planning began three years ago, and he expects Schvartsman's appointment to be viewed positively by the market.