CSN Appoints New Chief Executive in Brazil

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On September 3, 2026, Fabio Schvartsman replaced Benjamin Steinbruch as CEO of the Brazilian steelmaker CSN, marking the first time in decades that an outsider has held the position. Steinbruch, who led the company for 24 years, transitioned to his previous role as board chair. This leadership transition occurred amid the ongoing Operação Sem Refino, a Federal Police investigation into alleged irregularities within Rio de Janeiro’s environmental agencies. Police documents suggested that state officials may have interfered in administrative procedures concerning CSN’s environmental liabilities, though the company has not been formally charged with wrongdoing.

Consequences

CSN faces a period of leadership transition during a time of increased scrutiny regarding its relationship with state environmental regulators. The company will now be managed by an outsider while navigating an active police investigation that involves allegations of irregular state interference in its licensing and compliance matters.

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