BRAZIL · BUSINESS
Key Facts
—What happened: CSN named Fabio Schvartsman as its new CEO on September 3, 2026.
—How big it is: CSN is one of Brazil’s largest steelmakers, with mining and cement operations.
—What it means: Benjamin Steinbruch steps back after 24 years as CEO, returning to board chair.
—The catch: Police allege officials may have interfered in procedures involving CSN.
—Who it hits: Investors and partners in CSN, plus Rio state environmental agencies.
—What comes next: Schvartsman takes over with the company named in a police file in which it is not accused of wrongdoing.
The Steinbruch family hands day-to-day control to an outsider. A separate police inquiry alleges officials may have interfered in procedures involving the company; CSN declined to comment and those named deny wrongdoing.
A new leader at CSN
Brazilian steelmaker CSN has a new chief executive. Fabio Schvartsman took over the role on Thursday, September 3, 2026.
He replaces Benjamin Steinbruch, who led the company for 24 years. Steinbruch goes back to chairing the board, a post he held from 1995 to 2023.
Who is Fabio Schvartsman?
Schvartsman is a seasoned executive. He ran Vale from 2017 to 2019, stepping aside weeks after the Brumadinho dam collapse of January 2019.
The company is controlled by the Steinbruch family. Schvartsman is the first chief executive from outside it in decades.
The police investigation
Separately, Brazil’s Federal Police are investigating alleged irregularities in Rio de Janeiro’s environmental licensing. The probe is called Operação Sem Refino.
Part of the case file was released by Supreme Court justice Alexandre de Moraes. G1 reported on September 4 on the police findings.
The police found cument says investigators found messages indicating that state officials may have interfered in procedures involving CSN’s interests.
These are allegations, not proven facts.
What the police say about CSN
The police report says investigators found messages between then state environment secretary Bernardo Rossi and then Inea president Renato Bussière. Inea is the state environmental institute.
According to police, the two allegedly acted on issues related to CSN’s environmental liabilities. They also monitored administrative procedures involving CSN at Inea.
Both deny wrongdoing. Bussière says Inea never issued an operating licence to CSN.
Neither man has been charged in this strand.
CSN declines to comment
CSN declined to comment on the investigation’s conclusions. The company was approached but did not respond to the specific police findings.
No prosecutor has charged CSN, and no court has ruled against it. The police report describes suspected favorable treatment by state officials, not wrongdoing by CSN itself.
The broader investigation
Operação Sem Refino focuses on suspected fraud in environmental licenses for the Refit refinery in Rio. The refinery was formerly known as Refinaria de Manguinhos.
Police also allege money laundering and tax evasion linked to Refit and the fuel sector. The investigation has at least two phases, with the second launched on August 14, 2026.
Allegations against state officials
Police say the evidence points to what they call a criminal organization inside Rio’s environmental agencies. They allege it worked against technical advice to serve private interests.
None of this has been tested in court. Police quote a message they attribute to Rossi, telling Bussière to ‘atropela o Ibama’, or override Ibama.
Rossi denies pressuring Inea and says his conduct was administrative. Bussière denies any irregularity and says Inea never issued an operating licence to CSN.
What this means for CSN
The leadership change comes at a turbulent time for CSN. The police document names the company among those whose administrative procedures allegedly drew political interference.
Police have not named CSN as a target of the investigation. Investors will watch how Schvartsman handles the situation.
Asked about Brumadinho, Steinbruch told NeoFeed that Schvartsman ‘will now show that this was not his doing’. He said the market’s view of him is very good.
The road ahead
Schvartsman takes over while the company is named in a police file in which it is not itself accused of wrongdoing. The allegations are serious but unproven.
CSN’s board, now led by Steinbruch, will support the new CEO. The family remains in control, but the day-to-day leadership has changed.
Background on CSN
CSN, or Companhia Siderúrgica Nacional, is a major Brazilian steelmaker. It also operates in mining, cement, and logistics.
The company was founded in 1941 and is based in São Paulo. It has been controlled by the Steinbruch family for decades.
How the environmental licensing works
In Brazil, environmental licensing is shared between federal and state agencies. Ibama handles federal licenses, while state institutes like Inea manage state ones.
Companies need licenses to operate and expand. These licenses require technical studies and public consultation.
Who is affected by the allegations
The allegations could affect CSN’s reputation and stock price. Investors may worry about legal risks.
They also affect public trust in Rio’s environmental agencies. The police probe suggests possible corruption in the state’s oversight.
What the numbers do and do not prove
The police report includes messages and other evidence. But it does not prove that CSN acted illegally.
It only suggests that state officials may have favored the company. CSN has not been charged with any crime.
What happens next
The investigation will continue, and more phases may follow. CSN might issue a statement in the coming days.
Schvartsman will need to address the allegations with investors. His leadership will be tested early.
Understanding the Refit refinery case
The Refit refinery is central to the police investigation. It was formerly known as Refinaria de Manguinhos.
Police suspect fraud in how its environmental licenses were granted. They also allege tax evasion linked to the fuel sector.
The role of Rio’s state government
Police say former governor Cláudio Castro helped create a favorable environment for Refit. Castro’s defence says the contacts were purely institutional and brought no improper benefit.
He has not been charged. The investigation involves several state agencies, including the finance and environment secretariats, plus Inea.
What investors should watch
Investors will track any official statements from CSN. They will also watch for new phases of the police operation.
The company’s stock price may react to news. Legal risks could affect its valuation.
The challenge for Schvartsman
Schvartsman must balance daily operations with the ongoing probe. He has experience leading a major mining company.
His track record at Vale may reassure investors. But the allegations could still create uncertainty.
What is confirmed and what is not
Schvartsman became chief executive on 3 September 2026. Steinbruch moved to the board chair.
CSN declined to comment on the investigation’s conclusions. No prosecutor has charged CSN and no court has ruled against it.
The significance of the Steinbruch era
Benjamin Steinbruch led CSN for 24 years. During that time, the company grew into a diversified industrial group.
His departure from the CEO role marks the end of an era. The family still holds control through the board.
How CSN’s leadership change affects its operations
A new CEO can bring fresh strategy and management style. Schvartsman’s experience at Vale may influence CSN’s direction.
The company’s day-to-day operations are unlikely to change overnight. But investors will watch for any shifts in priorities.
The role of Inea in Rio’s environmental oversight
Inea is the state environmental institute responsible for licensing and enforcement. It operates under the state environment secretariat.
The police probe suggests that some Inea officials may have acted improperly. This raises questions about the agency’s independence.
What the police probe means for Rio’s business climate
The investigation could affect how companies view Rio’s regulatory environment. Investors may demand more transparency in licensing.
State officials face scrutiny over their decisions. This could lead to reforms in environmental oversight.
Frequently Asked Questions
Who is the new CEO of CSN?
Fabio Schvartsman became CEO on September 3, 2026. He previously led Vale, a global mining company.
Why did Benjamin Steinbruch step down as CEO?
Steinbruch left the CEO role after 24 years to become chair of the board. He remains involved in the company’s leadership.
What is Operação Sem Refino?
It is a Federal Police investigation into suspected fraud in environmental licensing for the Refit refinery. It also looks into money laundering and tax evasion.
What are the allegations against CSN?
Police say state officials may have interfered in procedures involving CSN. These are allegations, not proven facts.
Has CSN responded to the allegations?
CSN declined to comment on the investigation’s conclusions. The officials named deny wrongdoing.
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