Advised steel producer and mining company for financial reporting on acquisition
CSN (NYSE: SID)
Services: Valuation Advisory
When Companhia Siderúrgica Nacional (d.b.a. “CSN”) completed the acquisition of Wheeling-Pittsburg Corp, the CPCON GROUP assisted CSN with allocating the value of the acquired assets for financial reporting under Financial Accounting Standards Board (FASB) ASC Topic 805, Business Combinations, and IFRS-3, Business Combinations. Following the acquisition, CPCON performed a purchase price allocation, attributing the total invested capital to tangible assets, inventory, trade names, trademarks, technology, and customer relationships.
The acquired assets included the valuation of tangible assets across the company’s legal entities – like the steel plant in Terre Haute, Indiana, and personal property – and intangible assets from both valuation advisory and technical accounting perspectives. For instance, CPCON also helped with the preparation of a closing-to-opening balance sheet reconciliation and accounting memorandum related to the acquisition.
We valued all assets outlined in our scope within management’s timeline of 60 days, and the client was able to satisfy their financial reporting requirements. This allowed us to build and establish a strong relationship with client. CPCON was further engaged to perform additional valuation services to comply with ASC Topic 718, Shared-Based Compensation.
About CSN (NYSE)
Founded in 1941, CSN is a global integrated steel producer with over 25,000 employees that operates in steel, mining, logistics, energy, and cement. CSN is listed in the New York Stock Exchange (NYSE) as “SID”.