Market Segment
May 17, 2016
CSN to Restart Furnace at Volta Redonda
Written by Sandy Williams
Brazil steelmaker Companhia Siderurgica Nacional (CSN) reports its furnace at Volta Redonda will be back in production soon. The No. 3 furnace was shut down after an accident on April 25 and all export orders were suspended.
The No. 3 furnace accounted for 70 percent of the plant’s steel production capacity. According to media reports, CSN will resume normal shipments in the domestic market in the coming days.
CSN expects to raise its Brazil steel price 10 percent in June while continuing cost cutting measures. Production for 2016 is forecasted at 5.5 million tonnes.
CSN reported a net loss of R $831 million (US $237 million) for first quarter 2016, down from a net profit of R $392 million (US$112 million) in Q1 2015.
