S&P: Companhia Siderurgica Nacional unchanged

Standard & Poor's said its BB long-term corporate credit rating on Companhia Siderurgica Nacional (CSN) is not affected by the company's board of directors' approval of an investment of $185 million in a three-million ton-per-year cement plant and of $113 million in a 500,000 tpy long steel products plant, both in Rio de Janeiro, Brazil.

The agency said it factored the incursion of CSN in the cement business and already assessed it as neutral to the company's credit profile.

Capital commitment is small and the impact on CSN's consolidated cash flows and liquidity is limited, S&P said, adding that nevertheless, the cement industry in Brazil has faced difficult market conditions and a very aggressive competitive environment in the past year or so.

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