CSN Sets New Revenue Records In 2011
CSN announced its third quarter 2011 and nine-month results. Net revenue for the first nine months 2011 was up 12% compared with the same period last year at R$12.4 billion, setting a new company record. For3Q11, net revenue was R$4.2 billion while net income was R$1.1 billion while iron ore sales were 8.0 million tonnes, up 18% from 2Q11.
Net revenue from steel operations in 3Q11 was down 8% from last quarter to R$2,300 million. CSN attributed the loss to the reduction in domestic sales volume. Steel sales volume was down 9% from 2Q11 to 1.2 million tonnes in 3Q11, Broken down, 86% was sold on the domestic market, 10% sold by overseas subsidiaries, and 4% sold to direct exports.
Domestic sales were also down, by 10% to 1.0 million tonnes in 3Q11, due to inventory volume adjustments.
The report said, “CSN’s sales abroad and exports totaled 168,000 tonnes in 3Q11, 7% less than in 2Q11, in line with the Company’s plans and as a result of international market oversupply. Sales by CSN LLC and Lusosider totaled 118,000 tonnes, while direct exports amounted to 50,000 tonnes. Net revenue per tonne averaged R$1,919 in 3Q11, 1% above the 2Q11 figure, due to the product mix sold in the period.”
CSN produced 1.26 million tonnes of crude steel and 1.23 million tonnes of rolled flat steel, which is up 1% from 2Q11.
Source: CSN LLC