International Steel Mills
CSN Posts Net Revenue of $2.02 Billion
Written by Sandy Williams
November 14, 2013
Cia Siderúrgica Nacional SA (CSN) reported a record third quarter with net revenue of $4.7 billion reais ($2.02 billion) , up 15 percent from the second quarter and 23 percent from third quarter 2012. EBITDA rose 51 percent from second quarter to $1.7 billion reais ($731 million) due to strong performance in its steel and mining segments.
CSN announced record third quarter net revenue for its steel operations up 2 percent to $3.2 billion reais ($1.37 billion)on sales of 1.59 million tons of steel. Weaker sales volume of 1.5 million tonnes, compared to the second quarter, was offset by higher prices for flat steel and a reduced Brazilian currency rate for exports.
Steel revenue for the first nine months of 2013 came to $9.3 billion reais ($4 billion), up 17 percent from the same period in 2012. Steel sales of 4.7 million tonnes for the first nine months reached a new record and was up 8 percent year-over-year.
Iron ore sales were up 27 percent from second quarter at 7.7 million tonnes, all exported and boosted by higher demand in China. CSN’s consumption from its iron ore mines was 1.5 million tons. Net revenue from mining operations was 1.65 billion reais ($709 million)—67 percent higher than Q2 2013 due to higher sales volume and prices.
No Announcement Regarding ThyssenKrupp
The company was asked about the status of negotiations with ThyssenKrupp to which CSN responded:
“Thank you very much for your questions. Regarding the M&A transactions, I wouldn’t like to comment. We don’t want to disclose any deals. You know that CSN is always evaluating operations that could add value to our shareholders and the only thing I’d like to make clear is that as we have already said in the past, we won’t do anything that is not economically sensible. We’re always trying to add value to the shareholders, provide returns to our shareholders. So what I can tell you at the moment is that there are no binding operations and that we are always trying to close deals that will add value to our shareholders.”
Sandy Williams
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