Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the third quarter this year.
In the third quarter, CSN registered a net loss of R$250 million (US$96.2 million), compared to a net loss of R$502.8 million in the corresponding quarter of the previous year, basically reflecting the lower operating result in the quarter. Net revenue decreased by 17 percent year on year to R$3.88 billion (US$1.5 billion) in the third quarter this year, chiefly influenced by the reduction in mining revenue, due to lower iron ore prices in the international market. Revenues from CSN's steel operations decreased by 12.8 percent year on year to R$2.78 billion (US$1.07 billion).
According to CSN's statement, the company produced 1.17 million mt of crude steel in the third quarter, rising five percent, while its rolled steel output stood at 1.09 million mt, remaining unchanged, both quarter on quarter. In the given period, CSN's steel sales volume decreased by 20 percent year on year to 1.27 million mt, while the company's iron ore consumption amounted to 1.5 million mt.