CSN Sees Record Steel Revenues Due to The Upturn in Prices

Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the third quarter of 2013.

In the third quarter, CSN registered a net profit of R$503 million (US$215.9 million), compared to a net profit of R$159 million in the corresponding quarter of the previous year. Net revenue increased by 23.2 percent year on year to R$4.66 billion (US$2 billion) in the third quarter this year mainly due to increased revenue from mining operations. Revenues from CSN's steel operations increased by 9.6 percent year on year to R$3.2 billion (US$1.4 billion), the highest-ever quarterly figure, basically due to the upturn in prices.

According to CSN's statement, the company produced 1.31 million mt of crude steel in the third quarter, rising 1.6 percent compared to the corresponding quarter of the previous year, while its rolled steel output stood at 1.15 million mt, down 1.4 percent year on year. In the given period, CSN's steel sales volume decreased by 3.6 percent year on year to 1.53 million mt, while the company's own iron ore consumption amounted to 1.5 million mt.