Bulletin: The Divestment Of Huachipato's Steel Operations Is Aligned With CAP S.A.'s Long-Term Strategy

This report does not constitute a rating action. SÃO PAULO (S&P Global Ratings) June 9, 2026--S&P Global Ratings today said that CAP S.A. ?s (BB/Negative/--) announced sale of the steel assets at Compañía Siderúrgica Huachipato S.A. (CSH) to Aceros AZA S.A. (AZA, unrated) is consistent with the company?s long-term strategy to prioritize higher-margin business segments. While the transaction contributes to CAP's portfolio optimization, we do not expect it to alter our base-case credit analysis. According to the announcement on Friday, June 5, the transaction is valued at $130 million, structured through a $25 million cash payment paid between the signing of the deal and two subsequent annual installments, a $62 million payment in kind via the subscription of newly issued

...June 9, 2026 This report does not constitute a rating action. S+O PAULO (S&P Global Ratings) June 9, 2026--S&P Global Ratings today said that CAP S.A.'s (##/Negative/--) announced sale of the steel assets at Compa±fa Sider·rgica Huachipato S.A. (CSH) to Aceros AZA S.A. (AZA, unrated) is consistent with the company's long-term strategy to prioritize higher-margin business segments. While the transaction contributes to CAP's portfolio optimization, we do not expect it to alter our base-case credit analysis. According to the announcement on Friday, June 5, the transaction is valued at $130 million, structured through a $25 million cash payment paid between the signing of the deal and two subsequent annual installments, a $62 million payment in kind via the subscription of newly issued AZA shares (representing a 15% stake in the company) once the transaction in concluded, and an additional $42 million contingent payment. This final component depends on the decision by AZA to commission existing...

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