Brazilian steelmaker Companhia Siderurgica Nacional (CSN) saw its net profit in Q1 increase 20.6 percent quarter-on-quarter to BRL 392 million, due to higher gross profit from a decrease in operational expenses in the period, the company said on Wednesday.
The company’s consolidated gross profit in the period totaled BRL 985 million, 7 percent up from BRL 921 million the quarter earlier, but 26 percent down year-on-year.
CSN’s adjusted EBITDA in the first three months of 2015 was BRL 911 million, down 37 percent year-on-year and 10 percent quarter-on-quarter.
The Brazilian steelmaker increased total steel sales by 1 percent to 1.4 million mt. Out of this volume, 63 percent went to the domestic market, 34 percent was destined to CSN’s subsidiaries, and the additional 3 percent went to the export market.
As for iron ore sales volumes, CSN saw the product’s orders decline 15 percent year-on-year to 5.4 million mt.