The Brazilian steel and iron ore producer CSN achieved a net profit of BRL 283 million ($58 million) for the second quarter of 2023, against a net loss of BRL 823 million in the previous quarter.
Under the same comparative basis, net sales revenues declined by 2.9 percent to BRL 10.99 billion, gross profit declined by 31 percent to BRL 2.24 billion, and EBITDA declined by 29 percent to BRL 2.26 billion.
Despite the reduced financial performance in Q2, derived chiefly from lower steel and iron ore prices, the company recovered from the net loss incurred in Q1 due to the fact that most of the factors leading to the previous net loss had non-recurrent impacts, such as exchange rate and iron ore hedging, the latter recovered in Q2, the company said.
Recovered income tax has also played a key role in the result, with a positive impact of BRL 328 million in Q2, against a negative impact of BRL 213 million in Q1.
By volume, domestic sales of steel products increased by 10 percent to 739,000 mt, while steel exports declined by 14 percent to 312,000 mt.
Domestic iron ore sales increased by 51 percent to 1.006 million mt, while iron ore exports increased by 29 percent to 10.26 million mt.
USD = BRL 4.88 (August 3)