CSN reports net loss for Q2 on back of Usiminas write-off

Wednesday, 15 August 2012 11:40:31 (GMT+3)   |  
       

Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the second quarter of 2012, reporting a net loss due to the write-off resulting from its investments in its rival Usiminas whose shares have been declining.

In the given quarter, CSN registered a net loss of R$1 billion (US$493.3 million), compared to a net profit of R$1.13 billion in the same quarter of the previous year. Net revenue decreased to R$4.13 billion (US$2.04 billion), falling four percent year on year. Revenues from CSN's steel operations increased 13.38 percent year on year to R$2.65 billion (US$1.3 billion).

According to CSN's statement, the company produced 1.2 million mt of crude steel in the second quarter, down two percent, while rolled steel output stood at 1.2 million mt, down four percent, both year on year. In the given quarter, CSN's iron ore sales decreased nine percent year on year to 6.1 million mt, while the company's own iron ore consumption amounted to 1.5 million mt.


Similar articles

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Scrap & Raw Materials

Mexican steel plate consumption decreases 4.1 percent in January

28 Mar | Steel News

US ITC votes to maintain AD order on clad steel plate imports from Japan

28 Mar | Steel News

US HDG imports up 10.6 percent in February

28 Mar | Steel News

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Chinese HDG export prices mainly stable, with negative bias in some offers

28 Mar | Flats and Slab

European HRC prices keep falling, demand still shows signs of fatigue

28 Mar | Flats and Slab

Vietnam’s Hoa Phat and Formosa seek AD investigation on Chinese HRC

28 Mar | Steel News

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet