Brazilian steelmaker CSN agreed to sell up to 11% of its mining subsidiary, CSN Mineração, to Japan's Itochu, according to a securities filing. The deal values the shares at 7.50 reais each, a 26% premium over CSN Mineração's previous closing price of 5.95 reais per share.

The price details were revealed later. CSN noted that payment terms and other conditions are still under negotiation. The transaction requires further corporate and antitrust approvals to proceed.