The Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced that its net income was at BRL16.31 million in the first quarter of this year, slumping by 95% from BRL316.13 million in the fourth quarter of 2012 and decreasing by 82% year on year. In the first quarter of this year, CSN posted sales revenues of BRL3.64 billion, decreasing by 18% quarter on quarter but rising by 6% year on year.
CSN stated that the negative result was caused by charges of BRL527 million, mainly from interest on loans and financing of BRL480 million. Meanwhile, CSN’s crude steel output totaled 1 million tons in the first quarter of this year, decreasing by 13% year on year. In the given period of time, the company’s steel shipments amounted to 1.32 million tons, increasing by 3% from the previous quarter and rising by 17% year on year.
