CSN doubles profits

CSN doubles profits

Cia Siderugica Nacional (CSN), Brazil’s third-largest steelmaker, reported it doubled profits in the first quarter 2005. CSN’s consolidated net income rose to $285 million, or $1 per share, compared to first quarter 2004’s $130 million, or $0.49 per share. The 2005 first quarter profits were CSN’s highest quarterly result since it began posting quarterly earnings reports four years ago. Increased demand over the past year from Brazilian automakers drove CSN’s domestic sales upwards 11%. At the same, hot-rolled costs rose 7%. For the year, CSN’s share prices have increased 31%.